Pfizer licences Biocon biosimilar insulin products

Pfizer has agreed a new licensing deal that will allow it to distribute a number of biosimilar insulin products developed by Asian firm Biocon.

The agreement will see Pfizer gain exclusive global commercialisation rights to Recombinant Human Insulin, Glargine, Aspart and Lispro, four agents designed for the treatment of diabetes.

Biocon will continue to take responsibility for the clinical development and production of the biosimilar drugs, as well as regulatory procedures to gain approval for the treatments in relevant markets.

In exchange, Pfizer will pay an upfront total of $200 million (126.6 million pounds) plus milestone fees of up to $150 million based on the developmental and commercial progress of the drugs.

David Simmons, president and general manager of Pfizer's established products business unit, said: "Our alliance with Biocon will enable the delivery of biosimilar insulin products, providing attractive, cost-effective treatment options to more diabetes patients."

Last week, the company revealed that it will be acquiring King Pharmaceuticals in a deal worth $3.6 billion.