Biocon Partners With Tabuk Pharma To Commercialise Its Diabetes Treatment Drug
Under the agreement, Biocon will produce and develop the products while Tabuk Pharmaceuticals will market, register, import, and promote them in the Middle East.
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Biocon Ltd. announced on Thursday that it has signed a licensing and supply agreement with Tabuk Pharmaceuticals Manufacturing Co. to commercialise its GLP-1 products for treating diabetes and chronic weight management in specific countries of the Middle East.
Under the agreement, Biocon will produce and develop the products, while Tabuk Pharmaceuticals will have the marketing authorisation rights and is responsible to register, import, and promote them in the region, according to an exchange filing on Thursday.
Glucagon-like peptide-1, or GLP-1, are drugs that help lower blood sugar levels and promote weight loss. GLP-1 also prevents gastric emptying and food intake actions. This helps to maximise nutrient absorption while limiting weight gain.
Siddharth Mittal, chief executive officer and managing director at Biocon, highlighted that this partnership is a validation of their concerted focus on GLPs and peptides as future growth drivers.
Biocon is a biopharmaceutical company that aims to enhance affordable access to complex therapies for long-term conditions like diabetes, cancer, and autoimmune diseases.
Shares of Biocon closed 0.23% higher at Rs 372.30 apiece, compared to a 0.81% rise in the benchmark NSE Nifty. The stock has risen 42.50% in the last 12 months and 49.35% year-to-date. The relative strength index was 53.36.
Of the 17 analysts tracking the company, seven recommend "buy", three suggest "hold" and seven recommend "sell", according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 11.6%.
