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Pfizer buys rights to insulin biosimilars in $350 million deal with India’s Biocon

Bangalore, India-based biotechnology firm Biocon (BSE: 532523) has entered into an agreement with global drugs behemoth Pfizer (NYSE: PFE) for the worldwide commercialization of Biocon’s biosimilar versions of insulin and insulin analog products: Recombinant Human Insulin, Glargine, Aspart and Lispro. Biocon’s shares rose 8.7% to 438.30 rupees in Mumbai trading early yesterday, having leapt as much as 17%.

Pfizer, which is facing patent expiry of its blockbuster cholesterol lowerer Lipitor (atorvastatin) next year and has made several deals expanding its presence in the branded generic medicines sector and emerging markets (The Pharma Letters passim), will have exclusive rights to commercialize these products globally, with certain exceptions, including co-exclusive rights for all of the products with Biocon in Germany, India and Malaysia.

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