Biocon Inks Pact with Mylan for generic insulin

MUMBAI: Biocon has entered into an agreement with American generic drugmaker Mylan for developing and marketing generic versions of three high-value insulin products for developed and emerging markets.

The two companies will develop and market Glargine, the generic version of French drug maker Sanofi's Lantus, Lispro and Humalog of Eli Lilly and Danish drugmaker Novo Nordisk's NovoLog. Both companies will share development costs. Mylan estimates the global value of these drugs to be around $11.5 billion.

"We are excited to team up with Mylan to be able to cost effectively address the disease and economic burden that diabetes poses to global health," said Kiran Mazumdar Shaw, Managing Director of Biocon.

The agreement will give Mylan exclusive commercial rights in the US, Canada, Australia, New Zealand, the European Union and the European Free Trade Association countries through a profit sharing arrangement with Biocon, the companies said in a joint statement.

"This collaboration builds on our existing successful partnership for generic biologics with Biocon and brings Mylan a portfolio of high-value insulin analog products," said Heather Bresch, chief executive at Mylan.

In 2009, Mylan and Biocon had come together to develop five blockbuster biologic drugs in cancer and pain areas.