Analysts may not be serious enough to cause delay of the much anticipated approval of biosimilar Pegfilgrastim in US market.
In a separate filing, Syngene said Biocon has sold the shares for achieving minimum public shareholding requirement.
Biocon’s hopes of getting approvals for three major biosimiar products approved in US and Europe, now hinges on addressing the observations raised by US FDA and Europe drug regulator European Medicines Agency (EMA) on its Bengaluru facility.
InterGlobe soared 5 percent to Rs 1,248.55 and Biocon went up 2.49 percent to Rs 650.
The USFDA has completed pre-approval inspection of the sterile drug product manufacturing facility in Bengaluru this week and issued a Form 483 with 7 observations, the filing said.
"At current market price, there is little comfort on the valuation front. We expect moderate upside of 10 percent from current level as we believe the valuations are expensive," says Akash Jain, Vice-president, Equity Research at Ajcon Global Services.
Total revenue for the quarter under review grew 27 percent to Rs 1,237 crore in the January-March period.
The house is of the view that H2 seems to be strong for the company and Mylan with monetisation prospects of biosimilar pipeline improving. The firm expects significant upside from its biosimilar pipeline in 2019-2021.
Mylan said its partner Biocon will receive economic benefit through this collaboration.
"Nifty has immediate resistance zone at 10,420-10,440 levels. Crossing this zone on sustainable basis, next zone for index is seen at 10,560-10,630 where 50 percent of rise and February congestion highs are seen," Ashish Chaturmohta, Head Technical and Derivatives at Sanctum Wealth Management said in an exclusive interview with Moneycontrol's Kshitij Anand.
The ongoing correction could possibly continue with an intermediate support around 10,100-10,150 levels. The advance and decline ratio is in the favor of bulls which add to our conviction.
Biocon and its partner Mylan on Thursday said they have received approval for insulin glargine in Europe and Australia
Biotechnology major Biocon and Mylan today said their co-developed biosimilar insulin glargine has received marketing authorisation approval from the European Commission (EC).
We are now ready to enter the European market with our Insulin Glargine as a biosimilar, in the second half of this year, said Kiran Mazumdar Shaw, CMD, Biocon.
Insulin glargine is a biosimilar version of Sanofi's top selling Lantus. Insulin glargine is a long acting insulin that renoves patients from administering multiple injections in a day.
The market breadth was in favour of the advances with 1331 stocks advancing while 392 declined and 301 remained unchanged. On the other hand, in the BSE, 1868 stocks advanced and 704 declined and 138 remained unchanged.
The multi-year R&D agreement between the two companies will focus on accelerating the discovery of new drug candidates using Syngene's discovery services platforms, Syngene International said in a regulatory filing.
The agreement with GSK is more to support their research focus and not a specific drug pipeline, said Jonathan Hunt, CEO, Syngene International
The USFDA inspected Biocon's insulins facility in Johar, Malaysia last month
Ashwani Gujral of ashwanigujral.com recommends buying Tech Mahindra with a stop loss of Rs 614 and target of Rs 635 and has a buy also on Tata Consultancy Services with a stop loss of Rs 3000, target of Rs 3150.
Ashwani Gujral of ashwanigujral.com recommends buying Titan Company with a stop loss of Rs 810, target of Rs 840, Reliance Industries with a stop loss of Rs 900, target of Rs 925 and a buy also on Jubilant Foodworks with a stop loss of Rs 1990, target of Rs 2050.
Ashwani Gujral of ashwanigujral.com is of the view that one can buy Biocon, LIC Housing and Voltas and can sell TVS Motor, Century Textiles and Interglobe Aviation.
Mazumdar-Shaw welcomed the healthcare plan but said it is not viable unless it is integrated with primary healthcare.
The company will also be expanding its current presence in Hyderabad on APIs (Active Pharmaceutical Ingredients/ Intermediates) to add 500 new jobs.
Ashwani Gujral of ashwanigujral.com recommends buying Indiabulls Housing Finance, Motilal Oswal, Biocon, Titan Company an Motherson Sumi Systems.