Under the agreement, Pfizer will have exclusive rights to commercialise these products globally, with certain exceptions, including co-exclusive rights for all of the products with Biocon in Germany, India and Malaysia.
Additionally, Pfizer will also have co-exclusive rights with existing Biocon licensees with respect to some of the products, primarily in a number of developing markets.
However, Biocon will remain responsible for the clinical development, manufacture and supply of these biosimilar insulin products, as well as for regulatory activities to secure approval for these products in various geographies.
As per the terms of the agreement, Pfizer will make upfront payments totaling $200m. Biocon is also eligible to receive additional development and regulatory milestone payments of up to $150m and will receive additional payments linked to Pfizer’s sales of its four insulin biosimilar products across global markets.