Under the terms of this agreement Biocon will be responsible for the manufacturing and supply of Liraglutide to Zentiva, for its commercialization across 30 countries in Europe. Biocon will also retain the right to commercialize this product under its own brand in the region.

Siddharth Mittal, chief executive officer and managing director, Biocon, said, "We are pleased to build upon our existing relationship with Zentiva for the commercialization of this complex drug product in the European markets. We look forward to leveraging our mutual strengths to achieve a common objective of creating affordable access to complex generic medicines."

Biocon is an innovation-led, global biopharmaceutical company committed to enhancing affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune diseases.

Biocon reported a net profit (before exceptional items) of Rs 168 crore in Q2 FY23, down by 10% from Rs 188 crore in Q2 FY22. Revenue from operations increased by 26% YoY to Rs 2,320 crore during the quarter.

Exceptional items during Q2 FY23 comprise MAT credit balance charge of Rs 107 crore on adoption of new tax regime of 25% and professional fees, net of tax of Rs 14 crore towards the Viatris deal.

Shares of Biocon fell 0.66% to Rs 280.10 on Wednesday, 23 November 2022.