Biocon, a leading biotechnology company, on Monday announced a partnership between Biocon Pharma, a wholly owned subsidiary of Biocon and Libbs Farmaceutica, a leading pharmaceuticals company in Brazil, to launch generic drugs in Brazil, the world's sixth most populous country.
This partnership, which marks the entry of Biocon's generic formulations into Latin America, builds upon a successful association with Libbs, which began in 2017 to launch biosimilar Trastuzumab in Brazil.
As part of the out-licensing deal with Libbs, Biocon Pharma will be responsible for drug development and manufacturing, while Libbs will leverage its deep expertise and reach in Brazil to import, distribute and market, subject to approvals from the Brazilian health regulatory agency, ANVISA.
Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon, said, "Expanding our association with Libbs Farmaceutica, a trusted partner, to our generic formulations, will help us establish a firm footing in Latin America, starting with Brazil. We remain committed to expanding our global presence with high quality and affordable medicines and invest in strengthening capabilities that enable us to serve patients globally."
Abhijit Zutshi, Commercial Head, Global Generics, added, "The partnership with Libbs further builds on Biocon's ability to forward integrate its portfolio of complex and differentiated APIs into finished dosages. The resultant quality, safety and cost advantages, coupled with reliability of supply, give us a distinct competitive edge as we enter new markets."
Shares of the company gained Rs 8.35, or 2.11%, to trade at Rs 403.60. The total volume of shares traded was 71,396 at the BSE (12.38 p.m., Tuesday).