Bristol-Myers Squibb and Biocon ally on oral insulin project

Bristol-Myers Squibb has signed an option agreement with Biocon over the development of a potential new oral insulin therapy for diabetes patients.

The deal gives Bristol-Myers Squibb the right to exercise an option to obtain an exclusive worldwide license to Biocon's IN-105 programme, which involves the development of a prandial oral insulin product candidate.

Biocon will conduct clinical studies up to phase II to further characterise IN-105's potential benefits, at which point Bristol-Myers Squibb can opt to take over full responsibility for its development.

This will aid global efforts to combat diabetes, which affects around 350 million people worldwide and is becoming a growing health issue worldwide.

Dr Kiran Mazumdar-Shaw, chairman of Biocon, said: "This agreement is one huge step closer to realising the dream of bringing oral insulin to market. We are excited to extend the excellent relationship we already enjoy with Bristol-Myers Squibb."

This comes after Bristol-Myers Squibb and AstraZeneca last week received EU approval for Forxiga, a new tablet-based therapy for type 2 diabetes.