Biocon receives DCGI nod to market Abraxane
Leading biotech company Biocon Ltd has received approval from the Drug Controller General of India (DCGI) to market breast cancer drug Abraxane.
By PTI |
MUMBAI: Leading biotech company Biocon Ltd on Thursday said it has received approval from the Drug Controller General of India (DCGI) to market breast cancer drug Abraxane.
The company had recently announced a licensing agreement with the US-based Abraxis BioScience Inc for the commercialisation of Abraxane in India, Biocon said in a communique to the Bombay Stock Exchange.
Abraxane is an approved drug for the treatment of breast cancer and would facilitate affordable access of high-quality, supportive care therapy to such patients in India, Biocon said.
The company had completed the required formalities to divest its enzymes business vertical to Novozymes South Asia Pvt Ltd, a wholly-owned subsidiary of Denmark-based Novozymes for Rs 453.79 crore, it said.
The post tax proceeds of this divestment would enable Biocon to strategically focus on its core bio-pharmaceuticals business as well as consider key acquisition opportunities to move up the value chain, it added.
This divestment would contribute a one-time exceptional net gain for the company this fiscal, Biocon said.
Shares of the company were last trading 1.96 per cent up at Rs 525.25 at the BSE.
The company had recently announced a licensing agreement with the US-based Abraxis BioScience Inc for the commercialisation of Abraxane in India, Biocon said in a communique to the Bombay Stock Exchange.
Abraxane is an approved drug for the treatment of breast cancer and would facilitate affordable access of high-quality, supportive care therapy to such patients in India, Biocon said.
The company had completed the required formalities to divest its enzymes business vertical to Novozymes South Asia Pvt Ltd, a wholly-owned subsidiary of Denmark-based Novozymes for Rs 453.79 crore, it said.
The post tax proceeds of this divestment would enable Biocon to strategically focus on its core bio-pharmaceuticals business as well as consider key acquisition opportunities to move up the value chain, it added.
This divestment would contribute a one-time exceptional net gain for the company this fiscal, Biocon said.
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Shares of the company were last trading 1.96 per cent up at Rs 525.25 at the BSE.
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