Biocon shares in focus after CDSCO nod for diabetes drug Liraglutide

Biocon shares are expected to be in focus on Tuesday after the company announced regulatory approval from the Central Drugs Standard Control Organisation (CDSCO) for its diabetes drug Liraglutide in India.

The Central Drugs Standard Control Organisation (CDSCO) has granted approval to Biocon Pharma, a wholly owned subsidiary of Biocon, for its Liraglutide drug product— a 6 mg/ml solution for injection in pre-filled pen and cartridge formats.

“Biocon Limited (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceutical company, announced today that it has received approval In India for its Liraglutide drug substance, and its wholly owned subsidiary, Biocon Pharma Limited, has received approval for its Liraglutide drug product (6 mg/ml solution for injection in pre-filled pen and cartridge), from the Drugs Controller General of India, CDSCO (Central Drugs Standard Control Organisation),” the company said in an exchange filing.

The approval has been granted for the generic version of Victoza, a widely prescribed treatment for insufficiently controlled Type 2 Diabetes Mellitus.

The CDSCO clearance came under the recently introduced 101 route, which allows for expedited recognition of approvals already granted by established and referenced global regulatory authorities.

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Biocon share price history

Over the past one year, the shares of Biocon have gained 8%, while it has declined 9.42% year-to-date (YTD). Over the last six months, the stock registered a negative return of 11.06%. However, it saw a notable rise of 10.39% in the past three months and a 4.83% gain over the last one month.

Biocon shares closed flat at Rs 334.05 on the BSE on Monday.

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