Shares of Biocon Limited surged as much as 2.7% in early trade on Friday to hit an intraday high of ₹245 apiece on the BSE, a day after the biotechnology major's subsidiary Biocon Biologics completed the integration of Viatris’s biosimilar business in 31 European countries.

The scrip opened higher at ₹240.05, up 0.67%, as against the previous closing price of ₹238.45. At 10:57 am, the share price of the company was trading 1.13% higher at ₹241.15. This is in line with the broader BSE Sensex, which was trading 0.67% or 449.95 points higher at 67,471.35.

The company's market capitalisation stood at ₹28,952.47 crore with more than 1.53 lakh shares exchanging hands on the BSE as against the two-week average of 1.10 lakh shares.

At present, the company’s shares are trading 15.7% lower than the 52-week high of ₹286.40, which the company touched on December 1 last year. The share price of the company is trading at 26,04% higher than the 52-week low of ₹191.60, which the company touched on March 21 this year.

According to the company, Biocon Biologics acquired the global biosimilar business of Viatris in November last year. As part of the transaction, Biocon Biologics issued compulsorily convertible preference shares (CCPS) in the company valued at $1 billion, equivalent to an equity stake of at least 12.9% on a fully diluted basis, and made an upfront cash payment of $2 billion to Viatris.

"We are pleased to expand access to life saving treatments for patients across Europe. Our unique, fully integrated capabilities and the robust pipeline of 20 products will allow us to better address patient needs and be a reliable partner to health organizations," says Shreehas Tambe, CEO & MD, Biocon Biologics.

"After the acquisition from Viatris, Biocon Biologics and its partners will commercialize biosimilar products in the following countries: Albania, Austria, Belgium, Bosnia, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Malta, Netherlands, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, and The United Kingdom," the company says.

In the July to September quarter, the company’s net profit surged 111% year-on-year to ₹172.7 crore as against ₹81.8 crore in the same period last year. The company’s revenue from operations in the September quarter jumped 49.2% YoY to ₹3,462 crore as against ₹2,320 crore in the same period last year.

According to the analysts at Geojit, the company’s growth of market share for commercialised products and advancements in transitioning the acquired business bode well for the company’s growth. “Key drivers for the biosimilar business growth include the robust pipeline of upcoming product launches, expansion into new markets and new approvals,” the brokerage firm says.

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