Biocon, Bristol-Myers in deal for oral insulin drug
MUMBAI (Reuters) - Biocon Ltd (BION.NS), India's top-listed biotechnology company, said it signed an agreement with Bristol-Myers Squibb Co (BMY.N) under which the U.S. drugmaker will have the option to get the worldwide licence to its oral insulin drug programme.
Bristol Myers can choose to assume full responsibility for the development of the drug IN-105, if its mid-stage trial is successful.
Biocon, which has been looking to partner the drug for nearly two years, said it would receive a licence fee as well as milestone payments and royalties based on commercial sales of the drug outside India. It will retain the rights to IN-105 in India.
Financial terms of the deal were not available.
Currently, there are no insulin tablets available and patients with diabetes who need insulin -- a naturally occurring protein that controls blood sugar -- must inject it.
Earlier this year, Pfizer(PFE.N) scrapped a deal to sell injectable insulin products made by Biocon.
Biocon shares, which rose more than 4 percent in the previous session, were down 0.4 percent on Friday, while the Sensex was up 0.3 percent. (Reporting by Aradhana Aravindan; Editing by G.Ram Mohan)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- India Inc happy with Modi, but holding back on investment: poll
- Modi to launch plan for every Indian household to have bank account
- Adani buys Australia coal mine royalty rights from Linc for $145 million
- England fined for slow over rate in India one-day defeat
Prime Minister Narendra Modi promised on Thursday to end "financial untouchability" with a scheme to ensure the majority of households in his country of nearly 1.3 billion people has a bank account within months. Full Article
Adani buys Australia coal mine royalty rights from Linc for $145 million Full Article