Active Stocks
Thu Mar 28 2024 15:59:16
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Biocon receives DCGI nod to market Abraxane
BackBack

Biocon receives DCGI nod to market Abraxane

Biocon receives DCGI nod to market Abraxane

Premium

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 525.25 at the BSE.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 18 Oct 2007, 01:22 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie