India's top listed biotechnology firm Biocon said quarterly profit rose by a fourth, aided by strong sales of its biopharmaceutical drugs and profit in research services, lifting its shares over 3 percent.
Bangalore-based Biocon Ltd also expects to find a global partner for its experimental oral insulin drug, IN-105, in the next six months, Chairwoman and Managing Director Kiran Mazumdar-Shaw said on CNBC TV18.
We expect to start engaging in discussions with potential global partners almost immediately and we expect that in the next six months we should be able to enter into a global partnership, she said.
We will see how then to advance the program in discussion with the global partner.
Earlier this month, Biocon said initial data from late-stage clinical trials on its oral insulin drug did not meet its primary result due to a high placebo effect, but had met other secondary targets.
For the fiscal third quarter ended December, Bangalore-based Biocon on Thursday reported a consolidated net profit of 1.01 billion rupees, up from 809 million rupees a year earlier.
Biocon's research services division Syngene had turned in 100 million rupees in profit, she added.
However, revenue from its German arm, AxiCorp, was pressured as it rejigged its product portfolio after the German government asked the drugmakers to provide a 16 percent rebate over the next three years, Biocon said in a statement. The product revamp will hurt the company in the March quarter as well, it added.
Shares in the company, valued at $1.7 billion, rose as much as 3.4 percent to 390.20 rupees after the results and were trading marginally up at 0723 GMT in a weak Mumbai market.
They rose 17.6 percent in the December quarter, outpacing the sector index's 12.3 percent rise.