BioCon Limited (BIOCON.NS), Bristol-Myers Squibb Company (BMY) Sign Pact for Experimental Oral Insulin Drug
11/16/2012 7:46:49 AM
Biocon Ltd. (532523.BY) Friday said it has entered into an agreement with Bristol-Myers Squibb Co. (BMY) on a licensing deal for its experimental biopharmaceutical drug IN-105, which is an orally administered insulin. Under the terms of the agreement, the New York-headquartered company will have the right to exercise an option to obtain a global license for IN-105 on the successful completion of mid-stage trials for the experimental drug by Biocon, the Indian company said in a statement. Biocon, which develops biological treatments that use proteins manufactured in living cells, is India's largest biotechnology company by revenue. It has been seeking alliances with other drug makers for further development of the experimental drug under a licensing agreement. If Bristol-Myers Squibb decides to obtain the license for IN-105, the U.S. company will assume full responsibility for the development program, including all development and commercialization activities outside India, the statement said. In return, Biocon will receive a license fee, potential payments when IN-105 achieves certain regulatory and commercial milestones, as well as royalties on commercial sales of IN-105 outside India, the statement added.