Biocon shares soar 12 pc as co inks pact with Quark Pharma

MUMBAI: Shares of biotechnology major Biocon today soared by 12 per cent as the company inked a pact with Quark Pharmaceuticals, Inc to develop a range of siRNA (small interfering RNA) based novel therapeutics.

Biocon's scrip ended the day at Rs 437.35, a gain of 11.38 per cent on the BSE. During the day, the scrip surged 14.83 per cent to Rs 450.90 -- its 52-week high.

At the NSE, the stock settled 12.07 per cent higher at Rs 439.65.

The companies have entered into a licensing and collaboration agreement for the development of a range of siRNA (small interfering RNA) based novel therapeutics, Biocon Ltd said in a statement.

"This collaboration will enable Biocon to co-develop, manufacture and commercialise QPI-1007, a novel siRNA drug candidate for ophthalmic conditions, for India and other key markets," it added.

As part of the agreement, Biocon will have access to Quark's innovative and proprietary siRNA technology platform that can be leveraged for the development of novel therapeutics for various unmet medical needs.

The company, however, did not disclose financial details.