Companies

Aurobindo Pharma Q3 net profit rises 5.6%

G Naga Sridhar Hyderabad | Updated on January 12, 2018

Buys 4 biosimilar products from TL Biopharma

Aurobindo Pharma Ltd’s net profit increased 5.6 per cent at Rs 576 crore in the third quarter ended December 2016 compared to Rs 545 crore in the corresponding quarter of the previous financial year.

The revenue of the Hyderabad-based company grew by 11.4 per cent at Rs 3,906 crore as against Rs 3,505 crore in the year-ago period.

"We have recorded good overall growth on year-on-year basis. Despite pricing pressure in select products, we have registered growth due to diversified products baskets and markets. We remain focused on developing a differentiated and specialty product basket which will drive our future growth,’’ N Govindarajan, Managing Director, Aurobindo, said in a release issued here on Thursday.

ACQUISTION

Aurobindo had also announced acquisition of four cell culture developed biosimilar products from Switzerland-based TL Biopharmaceutical AG today.

As part of this, TL will supply all developmental data for dour molecules and Aurobindo and/or its affiliates will develop, commercialise and market these products globally.

Aurobindo is preparing to take its lead molecule from this transaction, a Bevacizumab biosimilar, for clinical trials during this year. It is an anti-angiogenesis drug used in the treatment of multiple cancers including metastatic colon rectal cancer and some types of lung cancers.

The branded market size of these four biosimilars, three of them monoclonal antibodies in oncology, is `very promising’ the company said.

The regulatory filing for the products is intended in the period 2020-22.

Aurobindo Pharma shares were trading down 2.77 per cent or Rs 19.60 at Rs 686.80 on the BSE at about 11.10 am.

On Thursday, the scrip gained 1.17 per cent to end at Rs 706.40 on the BSE.

Published on February 10, 2017

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