Biocon, India's top listed biotech firm, on Friday announced an agreement with Bristol-Myers Squibb for its oral insulin drug IN-105. The deal could potentially earn Biocon hundreds of millions of dollars in royalties. Bristol-Myers Squibb will have the right to exercise an option to obtain an exclusive worldwide license to the program, Biocon said.
Shares in Biocon traded 2 per cent higher at Rs 313 on the NSE in early trade following a 4 per cent surge on Thursday.
"If Bristol-Myers Squibb exercises its option to license IN-105 following the successful completion of the Phase II trial, Bristol-Myers Squibb will assume full responsibility for the development program, including all development and commercialization activities outside India. Biocon will receive a license fee in addition to potential regulatory and commercial milestone payments and royalties on commercial sales of IN-105 outside India. Biocon will retain exclusive rights to IN-105 in India," Biocon said in a statement to the BSE.
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