MOSL: BIOCON (Neutral)-Second biosimilar approval for Biocon-Mylan in six months-Outlook positive
Biocon: Second biosimilar approval for Biocon-Mylan in six months; Outlook positive; maintain Neutral on limited upside
(BIOS IN, Mkt Cap USD5.4b, CMP INR608, TP INR600, 1% Downside, Neutral)
- The Biocon-Mylan team (BIOS/MYL) is the first to get the Neulasta biosimilar approval. This is second biosimilar approval for BIOS/MYL in six months.
- This approval is likely to provide BIOS/MYL a decent lead compared to peers, subject to their launch timeline.
- This event is key positive for BIOS. It continues to build a healthy pipeline of biosimilars for regulated markets. These are complex, with strong entry barriers, giving the company better business prospects.
- Second biosimilar approval for BIOS/MYL: Approval for Fulphila (BIOS/MYL’s Neulasta biosimilar version) was based on a comprehensive package of analytical, non-clinical and clinical data, which confirmed that the product is highly similar to Neulasta. Fulphila is approved to reduce the duration of febrile neutropenia in patients treated with chemotherapy in certain types of cancer. Mylan expects to launch Fulphila in the coming weeks. The market size of Neulasta is ~USD4.2b in the US. Because of non-interchangability clause, BIOS/MYL would have to invest marketing efforts to garner business from this product.
Biocon is an Indian biopharmaceutical company. Through its subsidiaries, Co. manufactures biotechnology products and is engaged in research and development in biotechnology. Co. provides a range of products from fermentation derived small molecules to recombinant proteins and antibodies. It has developed and taken a range of novel biologics, biosimilars, differentiated small molecules and recombinant human insulin and analogs from 'Lab to Market'. In research services, Co., through Syngene International Limited, is engaged in the business of custom research in drug discovery while the other subsidiary Clinigene International Limited (Clinigene) is engaged in clinical development.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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