eHEALTH BureauThe world’s top drug maker Pfizer said that it has entered into a deal to sell drug maker Biocon Ltd’s biosimilar versions of diabetes treatment insulin.Under the deal, Pfizer will pay Biocon $200 million up front. Biocon will also be eligible to receive additional development and regulatory milestone payments of up to $150 million plus payments related to sales of these medicines, Pfizer added.Pfizer will have exclusive rights to commercialise Biocon’s drugs — recombinant human insulin, Glargine, Aspart and Lispro — globally with certain exceptions, such as Germany, India and Malaysia, where Biocon will have co-exclusive rights.Emerging markets are a priority for Western drug companies such as Pfizer, as they face slowing sales in their home markets and cheap off-patent drugs that can be sold in high volumes under a multinational brand are an attractive market opportunity.Shares in Biocon, which was set up by Kiran Mazumdar-Shaw in her garage in 1978, which the market values at about $1.8 billion, have skyrocketed 46 percent this year, outpacing the benchmark index’s 15.5% rise in the period.
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