As part of the agreement, Biocon will conduct clinical studies to further characterize IN-105’s clinical profile till the completion of phase II while Bristol-Myers Squibb will have a global license to IN-105 following the completion of the phase II trial.
Bristol-Myers Squibb will also take up development and commercialization activities outside India upon exercising its license option.
The agreement also provides Biocon with a license fee, regulatory and commercial milestone payments, royalties on commercial sales of IN-105 outside India and rights to IN-105 in India.
Biocon MD and chairman Kiran Mazumdar-Shaw said the agreement helps bringing oral insulin closer to market.
”We are excited to extend the excellent relationship we already enjoy with Bristol-Myers Squibb, and look forward to working closely with them to make this a reality," Mazumdar-Shaw added.