US-based drugmaker Pfizer and Indian biotechnology major Biocon on Tuesday said they have agreed to end their alliance to sell insulin and insulin analog products made by the Indian company.
Both the companies in a joint statement announced the conclusion of their alliance to commercialise Biocon's biosmilar versions of insulin and insulin analog products.
Reacting to the news, shares of Biocon fell by 11 per cent to touch an early low of Rs 238 on the BSE in the morning trade .
"The companies have agreed that due to the individual priorities for their respective biosimilars businesses, it is in their best interest to move forward independently," the two companies said in the joint statement.
All rights licensed to Pfizer will revert to Biocon as of March 12, and all insulin distributed under the brand name UniviaTM and GlarviaTM would be commercially available from Biocon only, and would be exclusively manufactured, supplied, marketed and supported by Biocon, the statement said.
"Biocon will continue to work with its existing partners in several markets and will pursue a commercial strategy on its own and through new alliances in other markets," Biocon Chairman and Managing Director Kiran Mazumdar Shaw said.
The deal was signed between the companies in October 2010.