New Delhi: Biotech company Biocon, which reported a 7.57 per cent increase in consolidated net profit at Rs 65.30 crore for the fourth quarter, has decided to split up its Cardio-Diabetes division by launching a stand alone Cardiology division.
The new division is being set up to focus on brand building for its flagship product Statix as well as other products like Telmisat and Eptifibatide, Biocon informed the BSE on Tuesday.
The cardiology market in India constitutes 10 per cent of the pharma market in the country estimated at Rs 3,200 crore.
This division is envisaged to have an all India presence. Biocon also said it is close to acquire a 70 per cent stake in German pharma company AxiCorp GmbH for a consideration of 30 million (Rs 189 crore).
The acquisition will enable Biocon to market and distribute a range of pharmaceuticals products, including generic drugs and innovative pharmaceutical products in Germany and the rest of Europe.
Biocon is developing IN-105 - a conjugated insulin molecule - that is orally delivered and targeted towards the treatment of diabetes. It has commenced phase II a clinical trials for evaluating safety and tolerability of IN105 in type II diabetic patients. The study is expected to be completed in August and will provide the data necessary to commence phase II b clinical trials, Biocon said.
The company has also commenced phase II clinical study evaluate the safety and efficacy of antibody T1h in patients with active rheumatoid arthritis. T1h is an antibody that blocks the activity of CD6, an antigen found in the immune system, which attacks the human joints and causes its destruction.
Comments
0 comment