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Hot Pursuit
22-Apr-24
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Biocon jumps after receiving SAHPRA approval for Tacrolimus capsules
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Biocon added 3.31% to Rs 270.45 after the company has received an approval from South African Health Products Regulatory Authority (SAHPRA) for their vertically integrated, complex drug product Tacrolimus capsule in South Africa.
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Tacrolimus, a calcineurin inhibitor, is an immunosuppressant used in the treatment of organ transplant patients which reduces the body’s ability to reject a transplanted organ. It has been particularly effective in treating patients of renal transplant for more than two decades.
Biocon is an innovation led global biopharmaceuticals company, engaged in the production of therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.
The company had reported consolidated net profit of Rs 660 crore in Q3 FY24 as compared with net loss of Rs 41.8 crore posted in Q3 FY23. Revenue from operations jumped 34.43% year on year (YoY) to Rs 3,953.7 crore in the quarter ended 31 December 2023.
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