Biocon opens new facility for insulin devices

The company said that it has the capacity to manufacture 10 million devices a year.

Biocon has opened a new manufacturing facility in Bangaluru to make insulin devices. The 1-lakh-square-feet new facility will make pen-like devices for diabetes patients.

The company said that it has the capacity to manufacture 10 million devices a year.

India currently imports 80% of its insulin, which translates into a Rs. 750-crore market.

This facility has the potential to create several thousands of jobs, according to Biocon Chairpersn Kiran Mazumdar.
“Our aim is to provide insulin products to one-in-five diabetics using it anywhere in the world,” Shaw said.

Further, these products will be sold in other emerging markets (EM) followed by the developed markets in 2018, depending on regulatory approvals.

The stock is currently trading at Rs. 451, up by 2.85 points or 0.64% from its previous closing of Rs. 448.15 on the BSE.

The scrip opened at Rs. 451.5 and has touched a high and low of Rs. 453.75 and Rs. 446.25 respectively. So far 168224 shares were traded on the counter. The current market cap of the company is Rs. 8963 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 515 on 19-Sep-2014 and a 52 week low of Rs. 395.3 on 24-Aug-2015. Last one week high and low of the scrip stood at Rs. 453.55 and Rs. 429.6 respectively.

The promoters holding in the company stood at 61.02 % while Institutions and Non-Institutions held 19.91 % and 19.06 % respectively.

The stock is currently trading above its 50 DMA.
The device is called Basalog One, and it has been positioned as part of Biocon's ‘Make in India’ initiative. Biocon has partnered with the US-based Becton Dickinson to help it in designing the device.