The company's insulin Glargine has been approved by Cofepris, the Mexican health authority, through its Mexican partner PiSA Farmaceutica (PiSA), Biocon said in a statement.
Biotechnology major Biocon has received approval for its insulin Glargine from the Mexican health authority.
The company's insulin Glargine has been approved by Cofepris, the Mexican health authority, through its Mexican partner PiSA Farmaceutica (PiSA), Biocon said in a statement. Galactus by PiSA is the first insulin Glargine to be approved in Mexico as per the biocomparable approvals pathway defined in 2012, it added.
Commenting on the development, Biocon Chairperson & MD Kiran Mazumdar-Shaw said: "Our insulin Glargine, will now enable access to a basal insulin which will further expand the diabetes management therapy for patients in Mexico." Biocon currently has marketing approvals in over 60 countries for rh-Insulin and in over 20 countries for insulin Glargine, the company said. "We are extremely excited to partner with Biocon to introduce Galactus, the long acting insulin glargine in Mexico, which has a disease prevalence of 12 per cent, the second highest in the world," PiSA Group Executive Vice President Lic. Santiago Alvarez Vega said.
"We hope to enable the government to bring down its per capita expenditure on diabetes with the use of this cost effective, high quality biocomparable insulin Glargine," he added. The combined market for insulin Glargine in Mexico is estimated to be in excess of USD 40 million, Biocon said. Shares of Biocon today closed at Rs 468.90 on BSE, down 3.37 per cent from previous close.
Biocon stock price
On April 09, 2015, Biocon closed at Rs 468.90, down Rs 16.35, or 3.37 percent. The 52-week high of the share was Rs 553.70 and the 52-week low was Rs 402.45.
The company's trailing 12-month (TTM) EPS was at Rs 20.01 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 23.43. The latest book value of the company is Rs 120.84 per share. At current value, the price-to-book value of the company is 3.88.
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