Biocon enters into an agreement with Mylan
The agreement is for developing and marketing generic versions of three high-value insulin products.
Mumbai, February 15, 2013: Biocon has inked a pact with American generic drugmaker Mylan for developing and marketing generic versions of three high-value insulin products for the developed and emerging markets.
As per the agreement two companies will develop and market Glargine, the generic version of French drug maker Sanofi's Lantus, Lispro and Humalog of Eli Lilly and Danish drugmaker Novo Nordisk's NovoLog. In fact, the development costs will be shared between the two companies and Mylan estimates that the global value of these drugs to be around US$ 11.5 billion.
The agreement gives Mylan the exclusive commercial rights for these products in markets like he US, Canada, Australia, New Zealand, the European Union and the European Free Trade Association countries through a profit sharing arrangement with Biocon.
It is worth mentioning here that Mylan and Biocon came together in 2009 to develop five blockbuster biological drugs in cancer and pain areas.