Biocon hits 52-week low as Pfizer scraps deal

By PTI Mar 13 2012 , Mumbai

Shares of Biocon tumbled by over 6 per cent today, as a drug deal

of the biotechnology firm with US-based pharmaceutical giant Pfizer was scrapped.

After plunging as much as 11 per cent to touch a 52-week low of Rs 238 in the intra-day trade on the BSE, Biocon shares recovered some of the losses and settled for the day 6.31 per cent down at Rs 250.80.

At the NSE also, the stock closed at Rs 250.85, down 6.24 per cent.

Earlier in the day, Biocon and Pfizer called off their $ 350 million global alliance to commercialise the Bangalore-based firm's biosimilar versions of insulin and insulin analog products.

"The companies have agreed that due to the individual priorities for their respective biosimilars businesses, it is in their best interest to move forward independently," the two firms said in a joint statement.

The fall in Biocon share price was in sharp contrast to an overall rally in the market, where the barometer index Sensex ended 225.95 points up at 17,813.62.

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