Pfizer pulls out of $350 million insulin pact
pharmafile | March 14, 2012 | News story | Research and Development, Sales and Marketing | Biocon, Humalog, Lantus, NovoLog, Pfizer
Pfizer has walked away from a research deal with India’s biggest biotech firm Biocon.
Both companies were working on a deal potentially worth $350 million, to commercialise Biocon’s biosimilar versions of insulin and insulin analogue products.
This now leaves Biocon without a big pharma backing to help it break into the US and European markets.
Pfizer struck the deal with Biocon in 2010 with an upfront payment of $200 million, and Biocon could have received an extra $150 million in milestone payments and royalties.
The deal allowed Pfizer commercialisation rights to biosimilars of Biocon’s human insulin glargine (Sanofi’s Lantus), aspart (Novo Nordisk’s NovoLog) and lispro (Lilly’s Humalog), and expected regulatory filing in 2015.
In a statement both companies said: “[We] have agreed that due to the individual priorities for their respective biosimilars businesses, it is in their best interest to move forward independently.”
All rights licensed to Pfizer will now revert to Biocon, and all insulin distributed under the brand name Univia and Glarvia will be commercially available from Biocon only.
Diem Nguyen, general manager of biosimilars at Pfizer, said the firm would continue to develop a broad portfolio of biosimilars medicines. Pfizer is currently developing biosimilars for oncology, pain and rare diseases.
“In addition, we will continue to be active in our own research and business development efforts for diabetes, which represents a huge unmet medical need, and we remain committed to seeking new solutions to help physicians and patients,” he added.
Kiran Mazumdar Shaw, chairman and managing director of Biocon, said: “Biocon remains committed to delivering its Biosimilar insulins portfolio to global markets in its endeavour to make a difference to diabetic patients across emerging and developed economies.
“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.”
Ben Adams
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