The deal between Biocon and Pfizer to market a range of insulin products may be in crisis. Vikas Dandekar, the India bureau chief of PharmAsia News who broke this story tells CNBC-TV18 that while sources are saying talks are on to salvage the deal, it is most likely to be called off.
Below is an edited transcript. Watch the accompanying video for more. Q: This was the much hyped deal that both Biocon and Pfizer signed up in October 2010. This is going to be bad news both for Pfizer as it was trying to foray into the diabetes market in India and for Biocon in its bid to tie up with a global pharma giant. What seems to have gone wrong?A: This is going to be a very big setback. A deal of this magnitude signed just two years ago is not supposed to end with this kind of a crisis. I have not been able to pin point exactly what were the reasons for the deal to be called off, but the entire thing looks to be a little bit of a disappointment from both sides.
Pfizer also started its own diabetes segment and for Biocon it was seen as a big recognition for having tied up with Pfizer and the kind of market that they were supposed to cover.
The insulin market is very closely kept in check by Novo Nordisk, Eli Lilly and Sanofi. So, it
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