Biocon Biologics board has approved the merger of Covishield Technologies Private Ltd CTPL with Biocon Biologics for Covid 19 vaccines. The company's India business reported double-digit growth for the quarter, with a major contribution from the COVID- 19 portfolio. How will the introduction of interchangeable biosimilar Insulin Glargine affect your overall sales?
After the landmark approval of our interchangeable bGlargine, the first-ever such approval by the US FDA, we recorded another milestone this quarter with the commercialisation of our interchangeable bGlargine to our partner Viatris in the US.
Our interchangeable bGlargine has been listed as the preferred bGlargine brand on the national formularies of two major pharmacy benefit managers in the U.S. Express Scripts Prime Therapeutics. It is also available through the Prescription Savings Club of Walgreens, the second largest pharmacy chain in the U.S. These developments are good news for the future growth of our business, as well as our ability to offer people living with diabetes in the U.S. more treatment options, rationalise cost of therapy and generate savings for the overall healthcare system.
Which of your other products has done well, apart from biosimilar insulin Glargine?
Our oncology portfolio has strong growth in many emerging markets, led by bTrastuzumab. It is the leading biosimilar product in several key countries and has captured significant market shares in Brazil, Indonesia and Algeria.
It continues to be a leading biosimilar trastuzumab in Australia and Canada and has increased market share in key European countries. You have spoken about triggering the second phase of your Malaysian insulin manufacturing facility. How much money is expected to be invested in the facility?
We have started expansion of our facility in Malaysia, in anticipation of new opportunities opening up in terms of product approvals and geographic expansion as a result of the demand for our insulins. We expect to invest in a phase-wise manner with the investments being within the $100 -- 150 million range for annual capex over three years.
Now that Biocon Biologics board has approved the merger of Covishield Technologies Private Ltd CTPL with Biocon Biologics, can you tell us which vaccines are included in the arrangement?
Our strategic alliance with Serum Institute Life Sciences SILS brings together two leaders in the biologics space wherein SILS brings in expertise and capacities in vaccines and Biocon Biologics has proven capabilities in monoclonal antibodies and recombinant proteins. We believe that we can address the needs of patients in various infectious diseases, including Covid-19. Biocon Biologics will have access to the entire portfolio of SILS including vaccines already commercialised and the ones in development.
How did your Branded Formulations business in India perform well this quarter?