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MUMBAI (Reuters) - Biocon Ltd
Bristol Myers can choose to assume full responsibility for the development of the drug IN-105, if its mid-stage trial is successful.
Biocon, which has been looking to partner the drug for nearly two years, said it would receive a licence fee as well as milestone payments and royalties based on commercial sales of the drug outside India. It will retain the rights to IN-105 in India.
Financial terms of the deal were not available.
Currently, there are no insulin tablets available and patients with diabetes who need insulin -- a naturally occurring protein that controls blood sugar -- must inject it.
Earlier this year, Pfizer
Biocon shares, which rose more than 4 percent in the previous session, were down 0.4 percent on Friday, while the Sensex was up 0.3 percent. (Reporting by Aradhana Aravindan; Editing by G.Ram Mohan)