Biocon inks deal with Tabuk Pharma to commercialize GLP -1 products in Middle East | Capital Market News
Biocon said that it has signed a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company to commercialize its GLP-1 products for treating diabetes and chronic weight management, in select countries of the Middle East.
Tabuk Pharmaceutical Manufacturing Company is a fully-owned subsidiary of Astra Industrial Group, a leading pharmaceutical company in the Middle East and North Africa (MENA) region.
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Glucagon-like peptide-1 (GLP-1) are medications that help lower blood sugar levels and promote weight loss.
They are physiological hormones that have multiple actions on glucose, mediated by the GLP-1 receptors released from gut enteroendocrine cells and control meal-related glycemic excursions through augmentation of insulin and inhibition of glucagon secretion.
GLP-1 also inhibits gastric emptying and food intake actions, maximizing nutrient absorption while limiting weight gain.
Under the terms of this agreement, Biocon will develop and manufacture the products and Tabuk Pharmaceuticals will hold the marketing authorization rights, and be responsible to register, import, and promote them in the region.
The agreement also provides for a provision to expand to other glucagon-like peptide (GLP) products, as well as the option of a tech transfer that will enable localized manufacturing at a later stage.
Siddharth Mittal, chief executive officer and managing director, Biocon, said: “I am pleased to expand our partnership with Tabuk Pharmaceuticals, which paves the way for our vertically integrated, complex GLP-1 formulations entry into Saudi Arabia and other countries in the region.
The partnership is further validation of our concerted focus on GLPs and Peptides as future growth drivers.”
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 companys conosldidated net profit surged to Rs 659.7 crore in Q1 FY25 as compared with Rs 101.4 crore in Q1 FY24. Revenue from operations increased marginally year on year to Rs 3,432.9 crore in during the quarter.
The scrip rose 0.35% to currently trade at Rs 373.80 on the BSE.
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First Published: Sep 27 2024 | 11:03 AM IST
