Biocon shares were trading 1% higher on 15 November after Biocon Biologics, a subsidiary of the company, announced receiving marketing authorisation from the Medicines and Healthcare Products Regulatory Agency (MHRA) in the UK for Yesafili, a biosimilar of Aflibercept.

In September, the company received marketing authority for Yesafili from the European Commission for markets across the European Union.

The ophthalmology drug is used to treat neovascular (wet AMD)age-related macular degeneration, visual impairment due to diabetic macular oedema (DME), visual impairment due to myopic choroidal neovascularisation (myopic CNV), and visual impairment due to macular oedema secondary to retinal vein occlusion (branch RVO or central RVO). 

The drug is similar to the reference-listed Eylea (Aflibercept) and is comparable in safety and efficacy to Eylea. 

The company’s spokesperson said, “The MHRA approval will enable us to address the needs of patients impacted by macular degeneration and diabetic retinopathy in the UK. This approval will expand our biosimilar offerings to patients across the globe, building on our oncology and diabetes product portfolios.”

Earlier this month, Biocon Biologics signed a definitive agreement with Eris Lifesciences to acquire its Branded Formulation India business units of nephrology and dermatology.

The deal is for a total consideration of RsRs 366 crore and will be funded through debt financing. It is expected to achieve financial closure by the end of 2023.

At 2:12 pm, the shares of Biocon were trading 0.97% higher at Rs 229.55 on NSE.