Bristol-Myers Squibb signs option for Biocon's oral insulin drug candidate

Bangalore, India-based biotechnology firm Biocon (BSE: 532523) has entered into an option agreement with US drug major Bristol-Myers Squibb (NYSE: BMY) for Biocon’s IN-105, a prandial oral insulin product candidate. Currently, there are no insulin tablets available and patients with diabetes who need insulin must inject it.

Under the terms of the accord, financial terms of which were not disclosed, B-MS has the right to exercise an option to obtain an exclusive worldwide license to the program. Biocon will conduct clinical studies to further characterize IN-105’s clinical profile according to a pre-agreed development program up to the completion of Phase II. Biocon, which has been looking to partner the drug for nearly two years, will retain the rights to IN-105 in India.

Biocon to retain Indian rights