Bengaluru, Karnataka, India. October- 06, 2023
Biocon Limited (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceutical company, today announced the signing of a partnership agreement with Juno Pharmaceuticals, a specialty pharmaceutical company in Canada, for the commercialization of its vertically integrated, complex formulation, Liraglutide, a drug-device combination for the treatment and management of Type 2 diabetes and obesity.
Under the terms of this agreement, Biocon will be responsible for obtaining regulatory approval for Liraglutide, and thereafter, for the manufacture and supply of the product in the Canadian market.
Juno is one of the fastest growing pharmaceutical companies in Canada that specializes in high-value generic, complex, biosimilar and other medicines of scarcity, to advance the quality of healthcare in the region. They are the country’s largest Canadian owned manufacturers of injectable medications, with a focus on supplying critical hospital medicines, in addition to medicines sold at retail pharmacies. Juno’s mission is to ensure that patients have access to cost-effective and efficacious treatments.
Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, said, “We are pleased to partner with Juno Pharmaceuticals for the commercialization of this complex drug product in the Canadian market. The partnership will provide impetus to our strategic focus on geographical expansion, as well as our stated purpose of delivering much-needed medicines to more patients around the world.”
Mark Mantel, Chief Executive Officer, Juno Pharmaceuticals, commented, “Our partnership with Biocon is a significant step in our commitment to provide Canadians with high-quality, affordable medications. We are dedicated to ensuring access to more complex medicines for our patients. Biocon’s global leadership in this area excites us and we look forward to more partnerships in the future. Juno remains committed to improving healthcare affordability and innovation for all Canadians through this collaboration.”
The total addressable market opportunity of Liraglutide in Canada is approximately US $100 million as per the IQVIA MAT Q2 2023
About Biocon Limited: Biocon Limited, publicly listed in 2004, (BSE code: 532523, NSE Id: BIOCON, ISIN Id: INE376G01013) is an innovation-led, global biopharmaceutical company committed to enhancing affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune diseases. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets, as well as generic formulations in the US and Europe. It also has a pipeline of promising novel assets in immunotherapy under development. www.biocon.com
About Juno Pharmaceuticals Canada: Juno Pharmaceuticals Canada specializes in bringing complex and high value generic and biosimilar products to the Canadian market. Juno is the largest Canadian owned and operated generic injectable manufacturer with operations in Montreal and Toronto. Juno’s management team possesses decades of pharmaceutical industry experience along with an extensive track record of driving strategic growth through the identification of niche products and disciplined construction of robust product pipelines. An early member of the global Juno Pharmaceuticals group, Juno’s global operations span four continents and consist of over 14 diverse pharmaceutical and medical device businesses spread across Canada, the United Kingdom, the European Union, Australia and South Africa.
Forward-Looking Statements: Biocon
This press release may include statements of future expectations and other forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects upon Biocon and its subsidiaries/ associates. These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from our expectations include, amongst other: general economic and business conditions in India and overseas, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian and global biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither Biocon, nor our directors, or any of our subsidiaries/associates assume any obligation to update any particular forward-looking statement contained in this release.