Biocon joins hands with Biomm to commercialize diabetes drug in Brazil

18 Apr 2024 , 11:06 AM

Biotechnology business Biocon said on Wednesday that it has entered into an agreement with Brazil-based Biomm SA to commercialise its diabetic treatment in the Latin American nation. Under the terms of the partnership, Biocon will develop, manufacture, and deliver Semaglutide (gOzempic), while Biomm will be in charge of getting regulatory approval and marketing in Brazil.

Biomm's Nova Lima production facility is dedicated to the development, manufacture, and commercialization of complex biotech and biosimilar medicinal products.

Siddharth Mittal, Biocon's CEO and MD, emphasized the significance of the collaboration with Biomm as a key advancement in their plan to extend their presence beyond the US and Europe for Peptides, according to a statement. He also highlighted that this aligns with their growth strategy of introducing a range of intricate GLP-1 drug-device combination products to the market.

Mittal expressed assurance that partnering with Biomm will offer improved access to advanced and high-quality treatment options for diabetes patients in Brazil, aiding them in better disease management, according to a statement.

According to Biomm CEO Heraldo Marchezini, Brazil has the fifth highest diabetes incidence in the world, with 16.8 million adults aged 20 to 79 years suffering from the disease and an estimated 21.5 million cases by 2030, according to the International Diabetes Federation's Diabetes Atlas (IDF).

Mittal further stated that they have prioritized forming strategic partnerships to broaden access to advanced treatments for diabetes and improve people's quality of life.

According to the IQVIA MAT data, the total addressable market opportunity for Semaglutide in Brazil is around USD 580 million.

At around 10.48 AM, Biocon was trading 2.26% higher at ₹269.70, against the previous close of ₹263.75 on NSE. The counter rose to an intraday high of ₹273.

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