The license agreement covers 85 countries granting the company exclusive as well as co-exclusive rights to develop and market throughout Asia, Africa, and the Middle East, the company informed the Bombay Stock Exchange.
The company has also announced that it has entered into a long term supply agreement which will provide Bentley, and its licensees, with a competitive supply of insulin for worldwide markets and the terms of the agreement assure Bentley of a commercial supply of Insulin for worldwide markets.
The two companies will work together in the clinical development of the intranasal insulin product to meet the requirements of various international regulatory authorities including USA and EU, it said.
The two partners will share the cost of clinical development and regulatory filings in their respective territories. However, the specific terms of the agreement were not disclosed.
"Biocon believes that non injectable insulins will drive the future of diabetes therapy. Along with our own program in oral delivery of insulin, this development agreement will give us the breadth of opportunity to straddle the entire domain of non injectable insulin delivery.
"As one of the largest producers of insulin, this cooperation is of great strategic importance to us", Biocon chairman and managing director Kiran Mazumdar-Shaw said.
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