BMS receives option for Biocon's oral insulin analog

Biocon Ltd. (NSE:BIOCON; BSE:BIOCON) granted Bristol-Myers Squibb Co. (NYSE:BMY) an exclusive option to license worldwide rights outside of India to diabetes product IN-105. Biocon will further characterize the oral insulin analog through Phase II testing, after which Bristol-Myers would be responsible for further development and commercialization outside of India. Biocon received an undisclosed upfront payment for the option and is eligible to receive a license fee and milestones, plus royalties.

Bristol-Myers said no decisions have been made about including IN-105 in its 2007 diabetes deal with AstraZeneca plc (LSE:AZN; NYSE:AZN). Under the deal, the pharmas partnered to develop and commercialize two diabetes products from BMS. Earlier this year, the partners added the diabetes portfolio of Amylin Pharmaceuticals Inc. to the deal after BMS acquired the biotech (see BioCentury, July 9). ...