Biocon Limited has recently informed exchanges that the company has signed a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company (a fully-owned subsidiary of Astra Industrial Group) to commercialize its GLP-1 products for diabetes and chronic weight management in select Middle Eastern countries.
As per the conditions of this agreement, Tabuk Pharmaceuticals will hold the marketing authorization rights, register, import and promote the products in the region, while Biocon will develop and manufacture them. The deal also provides for a provision to expand to other GLP products, as well as the option of a technology transfer that will allow for localized manufacturing in the future.
Siddharth Mittal, Chief Executive Officer and Managing Director Biocon Ltd stated, “I am pleased to expand our partnership with Tabuk Pharmaceuticals, which paves the way for our vertically integrated, complex GLP1 formulations entry into Saudi Arabia and other countries in the region. The partnership is further validation of our concerted focus on GLPs and Peptides as future growth drivers. This is another important milestone for Biocon, reflecting our commitment to providing patients around the globe with affordable medications, by establishing a strong portfolio of products, either directly or through strategic partnerships.”
