Biocon Biologics Eyes Sales Of $1bn
Second-Quarter Turnover Rises By 40%
Strong growth in Biocon's biologics segment continued in the second quarter and the vertical has now set a target of $1bn in annual sales by the 2021-22 fiscal year.
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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.
Mylan and Biocon have launched their Ogivri trastuzumab biosimilar in the US, marking the second biosimilar rival to Herceptin and leading a new wave of trastuzumab biosimilars expected to arrive in the US early next year.
Biocon-Mylan’s sBLA for pegfilgrastim made at a new Indian site gets an FDA go-ahead, facilitating a "multi-fold" scale up in capacity. But it will be interesting to watch how impactful this could be on market dynamics in the US, where more competition has arrived.