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Home / Companies / Biocon hits 52-week low as Pfizer scraps deal

Mumbai: Shares of Biocon tumbled by over 6% on Tuesday, as a drug deal of the biotechnology firm with US-based pharmaceutical giant Pfizer was scrapped.

At the NSE also, the stock closed at Rs250.85, down 6.24%.

Earlier in the day, Biocon and Pfizer called off their $350 million global alliance to commercialize the Bangalore-based firm’s biosimilar versions of insulin and insulin analog products.

“The companies have agreed that due to the individual priorities for their respective biosimilars businesses, it is in their best interest to move forward independently," the two firms said in a joint statement.

The fall in Biocon share price was in sharp contrast to an overall rally in the market, where the barometer index Sensex ended 225.95 points up at 17,813.62.

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Also Read | Pfizer scraps insulin deal with Biocon

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