Biocon has signed an exclusive licensing and supply deal with South Korean pharma firm Handok for commercialisation of chronic weight management drug Liraglutide in the East Asian country. The announcement saw the Bengaluru-based biopharmaceutical firm’s shares on Friday touch a 52-week intraday high of ₹330.95 on the BSE.
Under the agreement, Biocon will undertake development, manufacturing and supply of the drug product, while Handok will be responsible for obtaining regulatory approval and commercialisation in the South Korean market. The addressable market opportunity of Liraglutide, which is an injection in pre-filled pen, is about $47 million in Korea, Biocon said citing IQVIA MAT Q4 2023 numbers.
Biocon shares rose 1.25% to close at ₹319.30 apiece on the BSE on Friday.
“The partnership with Handok will enable patients in South Korea dealing with weight management to gain access to our GLP-1 peptide drug product, Synthetic Liraglutide... we look forward to leveraging Handok’s strong capabilities,” Biocon CEO and MD Siddharth Mittal said in a release.
Handok is among Korea’s leading companies in the management of diabetes, offering a host of solutions from diagnosis to treatment and care. “Liraglutide is an important drug product for treating diabetes and obesity. Our collaboration with Biocon will enable Handok to expand its portfolio into the obesity sector,” Handok Chairman YoungJin Kim said.
