Biocon shares rose 2 percent in morning trade on Thursday after the biotechnology company said it has enhanced its partnership with pharma major Mylan through a strategic collaboration for insulin products.
"It has entered into a definitive agreement with Mylan for an exclusive strategic collaboration for the global development and commercialization of generic versions of of its three insulin analog products," the Bangalore-based company said.
In March 2012, US drugmaker Pfizer had scrapped a deal to sell insulin products made by Biocon.
Also Read: Biocon, Mylan in deal for 3 bio-generic insulin drugs
Mylan, under the terms of the pact, will have the rights to develop and market Biocon's Glargine (a generic version of Sanofi's Lantus), Lispro (generic version of Eli Lilly's Humalog) and Aspart (a copy of Novo Nordisk's NovoLog).
Mylan and Biocon will share development, capital and certain other costs to bring the products to market, it said.
Canonsburg, Pennsylvania headquartered Mylan will have exclusive commercialization rights in the US, Canada, Australia, New Zealand, European Union and the European Free Trade Association Countries through a profit share arrangement with Biocon.
It will have co-exclusive commercialization rights with Biocon in certain other markets around the world, Biocon said.
Post the break-up with Pfizer, this tie-up again provides a reasonably strong marketing partner for its insulin analogs across key regulated markets, according to a report by IDFC Securities.
At 10:00 hrs, Biocon shares were up 1.1 percent at Rs 287.50 on NSE.
Nachiket Kelkar
nachiket.kelkar@network18online.com
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