Shares of Biocon hit near 2-week high as the company has tied up with Sandoz to develop, manufacture and commercialise biosimilars in immunology and oncology for global markets.
The stock jumped as much as 3.9 per cent to ₹560.35, its highest since January 8. Citi Research has raised the stock's price target to ₹ 690 from ₹525. It has maintained “buy” rating.
Biocon will have multiple benefits from the deal, including wider pipeline, greater front-end muscle in developed markets and potentially better acceptance with developing market regulators.
Up to Thursday's close, the stock had gained 63.2 per cent this year.