Biocon registers 15 percent surge in 2015-16 Q1

Bengaluru (Karnataka): Biocon Ltd., Asia’s premier bio-pharmaceuticals company, has announced that it has delivered a strong consolidated financial performance for the first quarter of fiscal 2015-16.

Commenting on the quarterly performance and highlights, Chairperson and Managing Director, Kiran Mazumdar-Shaw said, “The strong performance this quarter reflects the overall growth of our business backed by a combination of product sales and monetization of R and D assets through licensing.”

“Our Bio-similars strategy is playing out well with five programs in Phase three clinical development. During the quarter, we successfully licensed bio-similar Trastuzumab in key emerging markets. Our Insulins business was boosted with the launch of insulin Glargine in Mexico and Colombia. Our focus on key brands in Branded Formulations has begun to translate into a better quality of earnings,” she added.

The bio-pharmaceuticals segment benefitted from a strong contribution from the insulin and bio-similars business in the emerging markets.

Biocon’s Denmark headquartered partner Veloxis, received USFDA approval for its proprietary Envarus XR formulation (tacrolimus extended release tablets) for prophylactic use in kidney transplant patients.

A new entity 00 Biocon Pharma Ltd.- has been created to support the company’s finished dosage generics business.

“We see this as an important future growth driver. Two licensing deals were signed in key emerging markets for Trastuzumab. Significant inroads were made in Mexico and Colombia with the launch of insulin Glargine, said Mazumdar.

Biocon’s partnered programs in generic insulin analogs and bio-similars continue to advance in the clinic.

While the global Phase III clinical trials for Trastuzumab and Pegfilgrastim are progressing towards completion, the patient recruitment for the global phase III trials of insulin Glargine for both type 1 and type 2 diabetes studies have been completed this quarter.

Bicon also announced the appointment of Dr. Narendra Chirmule, as R and D head.

Dr. Chirmule takes over from Dr. Abhijit Barve, who has moved back to the US for personal reasons. (ANI)