Shares of Mankind Pharma closed 0.25% lower at ₹2,385 on the BSE on Thursday, despite the positive market reaction to its exclusive in-licensing agreement with China's Chongqing Chenan Biopharmaceutical. The stock opened 1.4% higher at ₹2,424.95 following the partnership announcement but experienced selling pressure throughout the session, falling to an intraday low of ₹2,393.05. The volume-weighted average price (VWAP) stood at ₹2,401.39, indicating that the stock traded above its previous close on a weighted-average basis, though the sharp retreat from the day's opening level pointed to profit-taking or selling pressure at higher levels. The positive market reaction on Thursday was followed by profit-booking on Friday, reflecting mixed investor sentiment toward the company's strategic expansion into the diabetes segment.
Mankind Pharma has entered an exclusive in-licensing and marketing agreement with China's Chongqing Chenan Biopharmaceutical to commercialise Insulin Degludec and Insulin Degludec + Aspart Combination in India. According to reports from CNBC TV18, The Economic Times, PTI, and Business Standard, this partnership includes commercialisation of two injectable drugs – insulin degludec and a combination of insulin degludec and aspart – which are used in the treatment of both type 1 and type 2 diabetes mellitus. The agreement aims to strengthen Mankind's presence in the diabetes segment and broaden its portfolio of advanced injectable therapies. Industry sources indicate that Mankind Pharma may price the insulin analogues competitively, with the combination insulin degludec and aspart, commonly sold as Ryzodeg by Novo Nordisk in India, typically ranging from ₹1,200 to ₹1,600 for a single 3 millilitre penfill or cartridge. The deal leverages China's emerging biopharmaceutical ecosystem, building on Mankind's ongoing in-licensing strategy to complete its injectable diabetes offerings.
The partnership comes as Mankind Pharma seeks to expand its presence in the diabetes market, where it currently holds a 4.4% market share with diabetes therapy sales of ₹1,073 crore in July 2026 on a moving annual turnover basis. According to Business Standard, a company spokesperson expects the deal to create inroads into the injectable diabetes therapy category and make Mankind Pharma among the top three companies in this market. While the majority of current sales come from oral anti-diabetic drugs, the company anticipates that injectable drugs like insulin will form a major part of this therapy area in the coming years. The spokesperson noted that both products are not yet approved by the Central Drugs Standard Control Organisation (CDSCO) and will need to go through the regulatory process before commercialisation.
Atish Majumdar, Senior President – Sales and Marketing at Mankind Pharma, highlighted the strategic importance of China's developing biopharmaceutical ecosystem as a potential source of differentiated assets for the Indian market. As reported by CNBC TV18, The Economic Times, PTI, and Business Standard, Majumdar stated that China is rapidly emerging as a hub for innovative biopharmaceutical assets, and the company remains focused on expanding its in-licensing pipeline from China. The partnership builds on previous collaborations for Insulin Aspart and Insulin Degludec, demonstrating Mankind's commitment to strengthening its diabetes portfolio through strategic partnerships. The addition of these products will further enhance Mankind Pharma's position in the injectable diabetes segment, contributing to a more comprehensive portfolio and reinforcing its commitment to addressing the evolving needs of patients. According to The Economic Times, Majumdar emphasized that "This partnership reinforces our commitment to expanding access to advanced therapies for patients in India while further strengthening our presence in the injectable diabetes segment."
The agreement adds two long-acting and premixed insulin products to Mankind's injectable diabetes range, with Insulin degludec being a modern basal insulin and the combination with aspart pairing long-acting and rapid-acting components in a single injectable. As reported by Business Upturn, this gives the company a more complete offering across the insulin treatment spectrum, with the combination providing patients with both long-acting and rapid-acting insulin coverage in a single formulation. The deal positions Mankind Pharma to strengthen its position in the injectable diabetes market and bring a wider set of treatment options to patients in India, addressing the growing demand for modern insulin analogues as treatment shifts toward newer, more effective injectables. The China angle is central to Mankind's licensing strategy, with the company building on earlier partnerships to keep expanding its in-licensing pipeline from the country. China's rapidly developing biopharmaceutical ecosystem presents opportunities for Indian pharmaceutical companies to access differentiated and innovative assets that can complement their existing portfolios.
The partnership with Chongqing Chenan is part of Mankind Pharma's broader strategy of leveraging global innovation through strategic partnerships and in-licensing opportunities. According to Business Standard, the deal follows Mankind's interest in using such agreements and partnerships to create an in-licensing pipeline with Chinese pharma firms for chronic therapies. In 2024, Mankind tied up with Innovent Biologics to sell its anti-cancer drug Sintilimab in India under a licence. The company stated in an exchange filing that "China's rapidly developing biopharmaceutical ecosystem presents opportunities for Indian pharmaceutical companies to access differentiated and innovative assets that can complement their existing portfolios." This partnership aligns with Mankind's strategy of expanding its diabetes portfolio through global partnerships and in-licensing opportunities, with China's developing biopharmaceutical ecosystem creating opportunities for Indian pharmaceutical companies to access differentiated and innovative assets that can complement their existing portfolios.
