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Cancer treatment is often expensive and that is exactly why Shilpa Medicare shares gained over 4% on Tuesday. The company partnered with Finland's Orion Corporation to develop and supply a lower-cost cancer treatment for Europe.
Quick context: the treatment is a biosimilar version of nivolumab, a widely used cancer immunotherapy that's administered through an IV drip.
The deets: Shilpa Biologicals, the company's wholly owned subsidiary, will co-develop, manufacture and exclusively supply the drug from its biologics facility in Dharwad, Karnataka. Orion Corporation will handle regulatory approvals, marketing, distribution and sales across Europe.
Why it matters: the drug, nivolumab, is one of the world's most widely used immunotherapy treatments for cancer and generated around $4.1 billion in European sales in 2025.
Under the agreement, Shilpa will also receive payments linked to development and regulatory approvals, apart from long-term manufacturing and supply revenues.
Zoom out: the global biosimilars market is expanding rapidly as patents on several blockbuster biologic drugs expire.
According to industry estimates, the market is expected to grow from around $40 billion today to over $100 billion by the early 2030s, driven by rising healthcare costs and demand for affordable alternatives.
