Biocon Biologics Reaches Landmark Sales Figure As IPO Beckons
Biocon rang in a strong fourth quarter amid signs of a build-up in efforts towards supporting the “independent functioning” of its biosimilars business under subsidiary Biocon Biologics.
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Private equity group True North continues to back the Biocon group and is picking up a minority stake in Biocon Biologics in a deal that values the subsidiary at $3bn. Separately, another subsidiary, Biocon Biosphere, has also been set up as part of efforts to unlock the full potential of the business.
India’s Biocon reported first-quarter net profit that soared by more than 70% and said it was confident of a “very successful” US trastuzumab launch, despite rival Amgen stealing a march by commercializing its own biosimilar first in the world’s largest drug market.
The US FDA has slapped Biocon with a dozen observations over three units at its insulin manufacturing facility in Malaysia, but the Indian biotech firm says the problems can be remedied quickly and that US launch plans are on track for its insulin product glargine challenging French drug-maker Sanofi’s multi-billion-dollar Lantus.