Mumbai: Leading biotech company Biocon Ltd today 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 Rs453.79 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% up at Rs 525.25 at the BSE.