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This is an archive article published on October 19, 2010

Biocon soars 13%; touches all-time high

Biotech major Biocon on Tuesday settled nearly 13 per cent up on the Bombay Stock Exchange.

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Biotech major Biocon on Tuesday settled nearly 13 per cent up on the Bombay Stock Exchange,after touching all-time high during the day,on reports of its USD 350 million (Rs 1,550 crore) global marketing deal with the US-based drug firm Pfizer.

Reacting positively to the pact,Biocon zoomed 12.97 per cent on BSE,to end the session at Rs 455. During the day,the Bangalore-headquartered firm soared a whopping 15.35 per cent,to hit its life-time high of Rs 464.60.

A similar upmove was witnessed on the National Stock Exchange,where the scrip ended the day 12.11 per cent higher,at Rs 451.90.

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In addition,over 1.91 crore shares of the company changed hands on the bourses.

Biocon and Pfizer have entered into a strategic global agreement for the worldwide commercialisation of Biocon’s bio similar version of insulin and insulin analog products.

Meanwhile,the 30-share benchmark Sensex finished the day at 19,983.13,down 185.76 points from previous close.

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