Biocon inks pact with Bristol-Myers

Biotechnology major Biocon has entered into an agreement with Bristol-Myers Squibb for it’s oral insulin new drug candidate IN-105.

Under the terms of the option agreement, Bristol- Myers Squibb will have the right to exercise an option to obtain an exclusive worldwide licence to the programme.

It will, however, conduct the clinical trials according to a pre-agreed development programme up to the completion of Phase II, as per the agreement, Biocon said.

If the US-based company exercises the option to licence IN -105, following the successful completion of Phase II trial, the domestic firm will receive a licence fee in addition to potential regulatory and commercial milestone payments and royalties on commercial sales outside India, it added.

Biocon said it will retain the exclusive rights to IN-105 in India. Bristol-Myers Squibb will assume full responsibility for the development programme, including all development and commercialisation activities outside India, it added.

Biocon Managing Director & Chairperson Kiran-Mazumdar Shaw said: “this agreement is one huge step closer to realising the dream of bringing oral insulin to market”.

Diabetes is a chronic disease that affects about 350 million people worldwide and it is estimated that direct and indirect costs of the disease to overall healthcare system amounts to over $650 billion worldwide, Biocon said.