Biocon shares rise 2% on 10-year Pertuzumab supply deal in Brazil
Biocon's stock climbed after the firm signed a decade-long contract with Bahiafarma and Bionovis to supply Pertuzumab under Brazil's PDP program.
Shares of Biocon increased by 2% on Tuesday, reaching an intraday high of Rs 399 on the National Stock Exchange. The company reported a 10-year supply agreement for Pertuzumab with Bahiafarma and Bionovis to serve Brazil's healthcare sector. According to filings with the exchange, the consortium secured full allocation under the country's Productive Development Partnership program. This partnership grants exclusive access to approximately 70% of public-sector demand in Brazil. Biocon stated that at present, Pertuzumab is not manufactured locally, making it a significant cost for the Unified Health System. The agreement aims to advance production and commercialization of the HER2-positive breast cancer therapy.
