Buy Biocon Ltd at Rs.570/- target Rs.1000/-

Biocon runs up over 5% after Sandoz tie-up 

Biocon BSE 5.61 % soared over 5 per cent in trade on Friday after the company announced a global partnership with Sandoz, a NovartisBSE 0.15 % division, to develop, manufacture and commercialise multiple biosimilars in immunology and oncology for patients worldwide. 

The scrip closed Friday's session 5.61 per cent up at Rs 569.85 on BSE. 

Under the terms of the agreement, both companies will share responsibility for end-to-end development, manufacturing and global re .. 

Worldwide commercialisation responsibilities will be divided and each company's strengths will be leveraged within specific geographies, it added. 

Biocon Chairperson and MD Kiran Mazumdar-Shaw said: "We are pleased to announce our collaboration with Sandoz for developing a set of next generation biosimilar products." 

This synergistic partnership will enable us to scale up our capabilities for an 'end to end' play in the global biosimilars space, she added. 

The stock had hit a 52-week high of Rs 563.60 on January 8 this year and 52-week low of Rs 594.71 on May 25, 2017.