Liraglutide is an injection in pre-filled pen, used in the treatment of chronic weight management as an adjunct to a reduced-calorie diet and increased physical activity.

Under the terms of this agreement Biocon will undertake the development, manufacturing and supply of the drug product, and Handok will be responsible for obtaining regulatory approval and commercialization in the South Korean market.

Handok is amongst Korea’s leading companies in the management of diabetes, offering a host of solutions from diagnosis to treatment and care. The company’s diabetic portfolio includes products such as Amaryl, Tenelia and the recently launched Barozen Fit, a real time glucose monitoring device.

The total addressable market opportunity of Liraglutide in Korea is approximately US $47 million as per the IQVIA MAT Q4 2023.

Siddharth Mittal, chief executive officer and managing director, Biocon, said: “We are pleased to enter into this strategic partnership with Handok, which will enable patients in South Korea dealing with weight management to gain access to our GLP-1 peptide drug product, Synthetic Liraglutide.

This also aligns with our commitment to expand our portfolio of innovative, affordable medicines to address the unmet needs of patients around the world. We look forward to leveraging Handok’s strong capabilities to help patients in the region better manage their disease.”

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 56.74% decline in consolidated net profit to Rs 135.5 crore in Q4 FY24 as compared with Rs 313.2 crore posted in Q4 FY23. Revenue from operations rose 3.79% year on year (YoY) to Rs 3,917.1 crore in the quarter ended 31 March 2024.