InvestorQ : Why did Biocon stock rally sharply on 01 June 2020?
Khushi Patel made post

Why did Biocon stock rally sharply on 01 June 2020?

Answer
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Anjana Aiyar answered.
4 months ago


Biocon rallied 6% to hit an all time high level of Rs.377 on June 01 after its partner Mylan Laboratories received a favourable ruling from the US Patent and Trademark Appeal Board (PTAB). These pertain to four device patents for Lantus SoloSTAR manufactured by Sanofi. The PTAB ruled in favour of Mylan in IPR proceedings and found Sanofi’s claims to be untenable and also not patentable. This ruling is important for Biocon as it allows them to provide high-quality, affordable Insulin Glargine to diabetic patients in the US. Lantus is a long-acting insulin used to treat adults with type 2 diabetes and adults and paediatric patients with type 1 diabetes for control of high blood sugar.