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NEWS
Biocon May Sell Oral Diabetes Drug to Pfizer, Bloomberg UTV Says
By Adi Narayan - Oct 7, 2010 6:20 AM ET
Biocon Ltd. is in talks with Pfizer Inc. to sell its experimental oral insulin product for diabetes for $200 million, Bloomberg UTV reported today, citing people it didn’t identify.
Varija Belliappa, a spokeswoman for Biocon, declined to comment today when reached by Bloomberg News.
Biocon May Sell Oral Diabetes Drug to Pfizer, Bloomberg UTV Says - Bloomberg
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Biocon shares rise on Pfizer drug deal report
BANGALORE | Thu Oct 7, 2010 2:57pm IST
BANGALORE (Reuters) - Shares in Biocon Ltd rose 8.2 percent to an all-time high on Thursday after ET NOW television reported India's top listed biotechnology firm would outlicense its insulin portfolio for diabetes treatment to Pfizer.
Citing unidentified sources, ET said Pfizer would pay the Indian firm $200 million upfront for rights to market the drugs in the United States, the European Union and some emerging markets. The deal would be announced end-October, it said.
"We do not comment on rumours and speculation," Pfizer said in a statement, while officials at Biocon were not available for comment immediately.
"Biocon shares have risen on this," said Ranjit Kapadia, vice president, institutional research at HDFC Securities. "Pfizer's Lipitor is coming off patent. They will have to bridge that gap somehow."
Lipitor is a blockbuster cholesterol fighting drug, which is set to face generic competition in 2011.
Emerging markets are a priority for Western drug companies such as Pfizer, as they face slowing sales in their home markets and cheap off-patent drugs that can be sold in high volumes under a multinational brand are an attractive market opportunity.
Biocon shares surged to 412 rupees, the highest since they were listed in 2004, in a subdued Mumbai market. At 0859 GMT, the shares were at 396.80 rupees, up 4.2 percent.
Kapadia has a 'hold' rating on Biocon.
Bangalore-based Biocon's experimental oral insulin for diabetes is undergoing late-stage clinical trials in India and initial trials in the United States. Its diabetes medicine brand Insugen is sold in India and some emerging markets.
(Reporting by Bharghavi Nagaraju; Editing by Ranjit Gangadharan)
Business
Forse ci siamo!!!
Biocon May Sell Oral Diabetes Drug to Pfizer, Bloomberg UTV Says
By Adi Narayan - Oct 7, 2010 6:20 AM ET
Biocon Ltd. is in talks with Pfizer Inc. to sell its experimental oral insulin product for diabetes for $200 million, Bloomberg UTV reported today, citing people it didn’t identify.
Varija Belliappa, a spokeswoman for Biocon, declined to comment today when reached by Bloomberg News.
Biocon May Sell Oral Diabetes Drug to Pfizer, Bloomberg UTV Says - Bloomberg
-------------------------------------------------------
Biocon shares rise on Pfizer drug deal report
BANGALORE | Thu Oct 7, 2010 2:57pm IST
BANGALORE (Reuters) - Shares in Biocon Ltd rose 8.2 percent to an all-time high on Thursday after ET NOW television reported India's top listed biotechnology firm would outlicense its insulin portfolio for diabetes treatment to Pfizer.
Citing unidentified sources, ET said Pfizer would pay the Indian firm $200 million upfront for rights to market the drugs in the United States, the European Union and some emerging markets. The deal would be announced end-October, it said.
"We do not comment on rumours and speculation," Pfizer said in a statement, while officials at Biocon were not available for comment immediately.
"Biocon shares have risen on this," said Ranjit Kapadia, vice president, institutional research at HDFC Securities. "Pfizer's Lipitor is coming off patent. They will have to bridge that gap somehow."
Lipitor is a blockbuster cholesterol fighting drug, which is set to face generic competition in 2011.
Emerging markets are a priority for Western drug companies such as Pfizer, as they face slowing sales in their home markets and cheap off-patent drugs that can be sold in high volumes under a multinational brand are an attractive market opportunity.
Biocon shares surged to 412 rupees, the highest since they were listed in 2004, in a subdued Mumbai market. At 0859 GMT, the shares were at 396.80 rupees, up 4.2 percent.
Kapadia has a 'hold' rating on Biocon.
Bangalore-based Biocon's experimental oral insulin for diabetes is undergoing late-stage clinical trials in India and initial trials in the United States. Its diabetes medicine brand Insugen is sold in India and some emerging markets.
(Reporting by Bharghavi Nagaraju; Editing by Ranjit Gangadharan)
Business
Forse ci siamo!!!
