BioCon Limited (BIOCON.NS) Close to Oral Insulin Deal With Bristol-Myers Squibb Company (BMY)  
7/27/2012 7:41:31 AM

Four months after its partnership with Pfizer fell through, Biocon is now close to inking a deal with US-based biopharmaceuticals giant Bristol-Myers Squibb (BMS), to partner for the development and commercialization of its oral insulin product IN-105, which is currently undergoing late-stage clinical trials, two people briefed on the matter said on condition of anonymity. Biocon is unlikely to receive any upfront payment as part of the agreement that it is close to reaching with Bristol-Myers Squibb, but the latter is likely to make payments to Biocon on the basis of certain milestones being achieved once the drug is close to completing phase III clinical trials.