Pfizer gets rights to sell insulin from Biocon

AP News
Posted: Oct 18, 2010 9:15 AM
Pfizer gets rights to sell insulin from Biocon

Pfizer Inc. said Monday it agreed to pay an initial $200 million to the Indian biotechnology company Biocon Ltd. for the right to sell several of its insulin products used in the treatment of diabetes.

The world's biggest drugmaker by revenue also agreed to pay Biocon as much as $150 million more in development and regulatory milestone payments.

Pfizer, based in New York, said the deal gives it exclusive rights to sell Biocon's insulin and the generic version of several insulin products in most countries.

Biocon makes recombinant human insulin, as well as generic versions of Sanofi-Aventis SA's insulin Lantus, Novo Nordisk AS's NovoLog, and Eli Lilly and Co.'s HumaLog. Its recombinant human insulin has been approved in 27 countries and is on sale in 23. Its version of Lantus is being sold in India.

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Pfizer said it will share marketing rights with Biocon in Germany, India, and Malaysia. It will share the rights on some products with other companies that have licensed products from Biocon.

Biocon will be responsible for development, manufacturing, and supply of the insulin products, and will be responsible for getting regulatory approval.

Pfizer shares slipped 7 cents to $17.68 in pre-market trading.