Biocon's Healthy Moves (India)
This article was originally published in PharmAsia News
Indian biopharmaceutical producer, Biocon, saw its stock climb an impressive 27 percent in the past month. Of that figure, 13 percent was accumulated in just the last week. Analysts attribute the share jump to the company's positive second-quarter returns, reported on Oct. 18. Biocon's consolidated revenue rose 12.5 percent. Much of this rise was due to improvements in the company's contract research and manufacturing services (CRAMS) business, including its subsidiaries, Syngene and Clinigene. That sector of the company skyrocketed 44 percent. Still, analysts say the CRAMS business is undervalued. Biocon hopes to remedy that fact by separately listing its subsidiaries. In the future, Biocon hopes to focus on its immunosuppresant, and insulin products. To this end, the company sold its enzyme business to Noyozymes South Asia for $115 million. Aside from the good performance and the enzyme divestment, analysts say the company's intention to list internationally was also a big factor in its stock increase. A final boost was given by the recent approval of the company's breast cancer treatment, Abraxane (paclitaxel), by the Drug Controller General of India. (Click here for more
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