Under the terms of this agreement, Biocon will be responsible for obtaining regulatory approval for Liraglutide, and thereafter, for the manufacture and supply of the product in the Canadian market.

Juno is one of the fastest growing pharmaceutical companies in Canada that specializes in high-value generic, complex, biosimilar and other medicines of scarcity, to advance the quality of healthcare in the region.

Siddharth Mittal, chief executive officer & managing director, Biocon said, “The partnership will provide impetus to our strategic focus on geographical expansion, as well as our stated purpose of delivering much-needed medicines to more patients around the world.”

As per the IQVIA MAT Q2 2023, the total addressable market opportunity of Liraglutide in Canada is approximately $100 million.

Futher, the United States Food and Drug Administration (USFDA) issued a complete response letter (CRL) for the Biologics License Application (BLA) for Insulin Aspart by Biocon Biologics.

The company stated that the CRL did not identify any outstanding scientific issues with the product. The CRL references the requirement for a satisfactory resolution of deficiencies from the pre-approval inspection (PAI) of Malaysia facility for Insulin Aspart, held in August 2022.

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 reported 30% decline in consolidated net profit to Rs 101 crore in Q1 FY24 from Rs 144 crore in Q1 FY23. Consolidated revenues for Q1 FY24 grew 59% YoY to Rs 3,516 crore.

The scrip declined 0.55% to currently trade at Rs 263.20 on the BSE.