Biocon bags Rs 460-crore contract from Malaysia

NEW DELHI: Biotechnology major Biocon has bagged a MYR 300-million (about Rs 460.5 crore) contract from the Ministry of Health, Malaysia, to supply recombinant human insulin formulations for a period of three years.

The drug, manufactured by Biocon at its large scale biopharmaceutical facility in Johor, Malaysia, is the country's first locally manufactured biosimilar biologic product, Biocon said in a BSE filing today.

"Biocon SDN. BHD. has been awarded a MYR 300 million contract to be serviced over a period of three years for supplying rh-insulin cartridges and re-usable insulin pens under the Malaysian government's Off-Take Agreement (OTA) initiative," Biocon said in a BSE filing.

It further said: "Biocon's rh-Insulin is Malaysia's first locally manufactured biosimilar biologic product approved by the National Pharmaceutical Regulatory Authority ( NPRA), Malaysia, for commercial sales in the country. This marks the commercialisation milestone of Biocon's first overseas facility in Malaysia".

The contract is extendable for an additional two years period subject to approval by the Government of Malaysia, the company said.

Biocon will distribute insulins and insulin delivery devices through Malaysia's CCM Pharmaceuticals.

Shares of Biocon were trading 2.79 per cent higher at Rs 1,026.30 apiece on BSE.

One Malaysian Ringgit (MYR) equals INR 15.35 at current exchange rate.