Generics giant Mylan has stepped up to partner with India's Biocon on a set of three biosimilar versions for a trio of insulin blockbusters that currently garner $11.5 billion in annual sales. The two partners are keeping the specific terms under wrap, but Mylan agreed to share the development costs of the three programs in exchange for commercialization rights in the critical European and U.S. markets.
The deal covers three big targets: Biocon's Glargine, a generic version of Sanofi's ($SNY) Lantus; Lispro, the generic version of Eli Lilly's ($LLY) Humalog; and Aspart, the generic version of Novo Nordisk's ($NVO) NovoLog.
The deal is critical for Biocon, which identified biosimilar versions of insulins and antibodies as one of five main endeavors aimed at building the company into billion-dollar powerhouse. Earlier this week Biocon announced that it had brought in McKinsey to help guide it to the billion-dollar sales goal by 2018. Biocon also recently inked an option deal with Bristol-Myers Squibb ($BMY) to develop the oral insulin IN-105, following a decision at Pfizer ($PFE) to bow out of its insulin pact with Biocon more than two years ago.
"This collaboration further expands and diversifies our pipeline of complex, difficult-to-manufacture products with strong future growth potential," said Mylan CEO Heather Bresch in a statement. "Importantly, we believe we have the opportunity to be one of the first generic entrants in developed markets into the rapidly growing diabetes area, helping to address unmet needs and reduce the economic burden to those battling the disease and to the global healthcare system."
- here's the press release
- read the story from Hindu Business Line
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