Biocon ties up with Pfizer to market biosimilarsBy IANS
Monday, October 18, 2010
BANGALORE - Asia’s premier biotechnology company Biocon and world’s leading biopharmaceutical company Pfizer Monday announced a tie up to market Biocon’s insulin and insulin analog products.
Biocon’s drugs recombinant human insulin Glargine, Aspart and Lispro will be marketed across the world under the new arrangement, a Biocon spokesperson said.
According to the deal, Pfizer will pay Biocon $200 million up front. Biocon will also be eligible to receive additional development and regulatory payments of up to $150 million for the four insulin biosimilar products across global markets.
Biosimilars are follow-on biopharmaceuticals that are biologically similar to an existing medicine.
Commenting on the alliance, Kiran Mazumdar-Shaw, chairman and managing director of Biocon, said: “Pfizer and Biocon bring together a winning combination of marketing, manufacturing and research excellence which can build a formidable global footprint in diabetes care.”
“We are excited to join forces with Biocon in the battle against the disease and economic burden that diabetes poses to global health. Our alliance with Biocon will enable the delivery of biosimilar insulin products, providing attractive, cost-effective treatment options to more diabetes patients,” said David Simmons, president and general manager of Pfizer’s Established Products Business Unit.
The 2010 market for diabetes drugs and devices is estimated at $40 billion with insulins accounting for $14 billion or 35 percent of the diabetes segment. By 2015, a number of insulin analogs are expected to lose patent protection, resulting in a significant opportunity for the biosimilars market.
“In addition, this collaboration supports our stated efforts to become a strong player in follow-on biologics as well as in the Diabetes disease area, by adding to Pfizer’s broad biotherapeutics portfolio, ranging from biosuperiors to biosimilars, across multiple therapeutic areas,” Mazumdar-Shaw said.