Supplies to Europe from this line are expected to start from the second quarter of the financial year 2027, Biocon said in its exchange filing.
On another note, Biocon founder Kiran Mazumdar-Shaw on Wednesday told CNBC-TV18 at the Future Female Forward event, that the company has put in place a long-term succession plan and is positioning itself to benefit from what she believes would be a defining decade for the biopharma industry in India.
She said she expects India to build a much stronger biopharma ecosystem over the decade and expressed hope that the transformation could happen even sooner. She also called for greater risk-taking, saying India must aggressively invest in emerging technologies to remain globally competitive.Last week, Biocon shares worth ₹3,680 crore changed hands in a pre-open block deal window. As many as 9.2 crore shares of 5.64% of the firm’s outstanding equity had changed hands at an average price of 400 apiece in a block deal.
Mylan had sold shares in that block deal, while multiple domestic mutual funds were buyers in that transaction.
After the block deal, brokerage firm Bernstein maintained its “underperform” rating on the stock with a target of ₹326. It said that the street optimism appears to price in a resolution to financial stress and smoother succession but neither appears fully fixed.
On the flip side, DAM Capital maintained its “buy” rating on Biocon with a price target of ₹495. It expects the company’s business to strengthen meaningfully in the second half of the current financial year, driven by the scale-up of bUstekinumab, bAspart and bDenosumab.
Biocon shares were trading 0.6% up at 437.2 apiece at 9.45 am on Thursday. The stock has gained 5% in the past month and 12.7% this year, so far.
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