Biocon, Bristol-Myers in deal for oral insulin drug

MUMBAI Fri Nov 16, 2012 10:44am IST

Related Topics

Stocks

   

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)

FILED UNDER:

Reuters Showcase

FMC-SEBI Merger

FMC-SEBI Merger

Regulatory shakeup could revive commodities markets   Full Article 

Market Eye

Market Eye

Sensex, Nifty end higher after bumpy budget-day trading  Full Article 

Tax Incentives

Tax Incentives

Budget woos foreign investors  Full Article 

Excise Duty

Excise Duty

Cigarette makers fall after budget hikes excise duty  Full Article 

Welcoming the Budget

Welcoming the Budget

India Inc cheers corporate tax cut, simpler rules  Full Article 

Gold Price

Gold Price

Gold prices to rise after budget keeps import duty high  Full Article 

Fuel Prices

Fuel Prices

IOC to raise diesel, petrol prices from Sunday  Full Article 

Moody's on Budget

Moody's on Budget

Budget "credit neutral" from a ratings perspective - Moody's   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage