Shares of Biocon Ltd fell 2% after touching a day’s high of Rs 340.60 on 22nd May, despite the firm saying the Malaysian government has extended its current insulin supply contract by six months.
Biocon’s insulin supply contract in Malaysia has been extended by six months, valid until 28th October, 2025.
This extension is part of the three-year deal signed in 2022 with Malaysia’s Ministry of Health and distribution partner Duopharma Marketing.
Biocon’s Malaysian subsidiary, Biocon Sdn Bhd, supplies recombinant human insulin and runs a large manufacturing facility in Johor.
The contract extension will be formalised via a supplementary agreement involving the Ministry of Health, Duopharma Marketing, and Biocon.
Biocon Biologics has been supplying insulin in Malaysia for nearly a decade. The company aims to provide affordable insulin access in Malaysia and globally.
At 12:04 PM, the shares of Biocon Ltd were trading 1.97% lower at Rs 333.95 on NSE.
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