April 12, 2018 / 5:47 AM / in a year

BUZZ-India's Biocon rises; partner Mylan, FKB sign deal for drug in EU

** Biocon Ltd rises as much as 2.8 pct to 629.85 rupees, highest in over a month

** Mylan NV said on Wednesday it would partner with Fujifilm Kyowa Kirin Biologics (FKB) to commercialise FKB’s biosimilar for rheumatoid arthritis drug Humira in the European Union

** Biocon is Mylan’s original partner for adalimumab, sold under the trade name Humira, the world’s top-selling medicine

** FKB’s product is at advanced stage of review and could potentially get approval in Europe in H2, Biocon says

** Biocon retains its economic interest in the arrangement with Mylan

** Mylan and Biocon are giving away some share in their profits to FKK in return for the opportunity to launch early and potentially secure higher profits than they would have otherwise - Citi analysts write in a note

** Citi keeps Biocon’s ‘buy’ rating and PT of 690 rupees

** Nine of 17 brokerages rate Biocon “buy” or higher, three “hold” and five “sell” or lower; their median PT is 600 rupees, according to Thomson Reuters Eikon data

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