Biocon, Bristol-Myers sign drug deal
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 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 broader market was up 0.3 percent.
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Biocon inks pact with Bristol-Myers for insulin drug candidate
New Delhi,(PTI): Biotechnology major Biocon today said it has entered into an agreement with Bristol-Myers Squibb for it's oral insulin new drug candidate IN- 105.
Under the terms of the option agreement, Bristol- Myers Squibb will have the right to exercise an option to obtain an exclusive worldwide
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