The shares of Biocon Ltd hit a 52-week high of Rs 331 on 24 May after the company signed an exclusive licensing and supply agreement with a pharma company, Handok, South Korea, to commercialise its vertically-integrated and complex drug product Synthetic Liraglutide. 

In its regulatory filing, the company said, “Liraglutide is an injection in a pre-filled pen, used in the treatment of chronic weight management as an adjunct to a reduced-calorie diet and increased physical activity.”

As per the agreement, Handok will obtain regulatory permission to market the drug product in South Korea, and Biocon will handle its development, production, and delivery. Leading diabetic care provider in South Korea, Handok offers complete diabetes care, from diagnosis to treatment.

Siddharth Mittal, the CEO and MD of Biocon said, “We are pleased to enter into this partnership with Handok, which will enable patients in South Korea dealing with weight management to gain access to our GLP-1 peptide drug product, Synthetic Liraglutide.”

Younglin Kim, the chairman of Handok, stated that liraglutide is a crucial medication for the treatment of obesity and diabetes. “Our collaboration with Biocon will enable Handok to expand its portfolio into the obesity sector, which will benefit patients and sharpen our competitive edge,” Kim said.

At 12:52 pm, the shares of Biocon were trading 2.27% higher at Rs 322.65 on NSE.