US drugmaker Pfizer has scrapped a deal to sell insulin products made by Biocon , in what is set to be a major blow for India's largest listed biotech firm.
The companies did not say why the deal, agreed only in October 2010, had ended, saying only in a statement that it was in their best interests to move forward independently.
All rights licensed to Pfizer revert to Biocon as of March 12. Insulin distributed under the brand names Univia and Glarvia will be commercially available from Biocon. Also read: What led to the fall out
"Biocon remains committed to delivering its Biosimilar Insulins portfolio to global markets in its endeavour to make a difference to diabetic patients across emerging and developed economies. Biocon will continue to work with its existing partners in several markets and will pursue a commercial strategy on its own and through new alliances in other markets." said Kiran Mazumdar Shaw, Chairman and Managing Director, Biocon.
"Pfizer continues to be dedicated to developing a broad portfolio of biosimilars medicines, including monoclonal antibodies and recombinant proteins products, both internally and through collaborations" said Diem Nguyen, General Manager- Biosimilars, Pfizer, "In addition, we will continue to be active in our own research and business development efforts for diabetes, which represents a huge unmet medical need, and we remain committed to seeking new solutions to help physicians and patients." (With inputs from Reuters)
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