NEW YORK (AP) -- Pfizer Inc. has agreed to pay an initial $200 million to the Indian biotechnology company Biocon Ltd. for the right to sell its insulin products.
The world's biggest drugmaker by revenue also agreed to pay Biocon as much as $150 million more in development and regulatory milestone payments.
Pfizer, based in New York, said Monday the deal gives it exclusive rights to sell Biocon's insulin and generic version of several insulin products in most countries.
Insulin is used in the treatment of diabetes. Biocon makes recombinant human insulin, as well as generic version of Sanofi-Aventis SA's insulin Lantus, Novo Nordisk AS's NovoLog, and Eli Lilly and Co.'s HumaLog. Its recombinant human insulin has been approved in 27 countries and is on sale in 23.
The world's biggest drugmaker by revenue also agreed to pay Biocon as much as $150 million more in development and regulatory milestone payments.
Pfizer, based in New York, said Monday the deal gives it exclusive rights to sell Biocon's insulin and generic version of several insulin products in most countries.
Insulin is used in the treatment of diabetes. Biocon makes recombinant human insulin, as well as generic version of Sanofi-Aventis SA's insulin Lantus, Novo Nordisk AS's NovoLog, and Eli Lilly and Co.'s HumaLog. Its recombinant human insulin has been approved in 27 countries and is on sale in 23.
