Hold Biocon; target of Rs 375: ICICI Direct
ICICI Direct has recommended hold rating on Biocon with a target price of Rs 375 in its research report dated July 14, 2017.
ICICI Direct’s research report on Biocon
Biocon and Mylan are exclusive partners for biosimilar and insulin products. Trastuzumab is one of the six products co - developed by Biocon and Mylan for global markets . Mylan has exclusive commercial rights for the proposed biosimilar Trastuzumab in the US, Canada, Japan, Australia, New Zealand and Europe. Biocon has co - exclusive commercial rights with Mylan in the rest of the world.
We have assigned NPV value for the US meant Trastuzumab after considering the market and other dynamics . According ly , we arrive at our new SOTP target price of | 375 (from | 340 earlier). Given the recent run - up in the stock , the upside is already priced - in. Hence , we maintain our HOLD recommendation.
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