Deutsche cuts Biocon target price after Pfizer exit
MUMBAI (Reuters) – Deutsche Bank cut its target price for Biocon Ltd shares by 9 percent to 215 rupees after Pfizer Inc ended a deal to sell insulin products made by the Indian drugmaker. “This issue raises its risk profile in this high-risk, capital-intensive business,” Deutsche Bank wrote in a research note. Biocon shares were trading at 253.75 rupees at 1.30 p.m. (0800 GMT), down 5.16 percent. The separation leaves India’s biggest biotech company without a partner to sell the insulin drugs in key global markets such as the United States. (Reporting by Abhishek Vishnoi; Editing by Ted Kerr)