Biocon hits 52-week low as Pfizer scraps deal

Tags: Biocon, Companies
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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The world is moving away from fast food like never before

    Despite spending $1.8 billion every year on worldwide advertising and promotion, McDonald’s sales are plummeting.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schoettli

It’s time for Japan to step out of its shell

The execution of a Japanese hostage by ISIS has sho­cked ...

Zehra Naqvi

The urge to tell stories

One wants to tell a story, like Scheherzade, in order ...

Bubbles Sabharwal

Truth about truth

The question to ponder is, “is it the truth because ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture