Biocon soared over 3 per cent in morning trade on Friday after the company announced a global partnership with Sandoz, a Novartis division, to develop, manufacture and commercialise multiple biosimilars in immunology and oncology for patients worldwide.
The scrip was 3.23 per cent up at Rs 557.05 at around 10.20 am (IST) on the BSE. It opened at Rs 539.60 and touched high and low of Rs 560 and Rs 545.35, respectively, so far. Benchmark BSE Sensex was up 170 points, or 0.47 per cent, at 35,425 at around the same time.
Under the terms of the agreement, both companies will share responsibility for end-to-end development, manufacturing and global regulatory approvals for a number of products and will have a cost and profit share arrangement globally, Biocon said in a statement.
Worldwide commercialisation responsibilities will be divided and each company's strengths will be leveraged within specific geographies, it added.
Biocon Chairperson and MD Kiran Mazumdar-Shaw said: "We are pleased to announce our collaboration with Sandoz for developing a set of next generation biosimilar products."
This synergistic partnership will enable us to scale up our capabilities for an 'end to end' play in the global biosimilars space, she added.
The stock had hit a 52-week high of Rs 563.60 on January 8 this year and 52-week low of Rs 594.71 on May 25, 2017.