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Leading bio-technology company Biocon Ltd on Monday said its research development partner, Nobex Corporation, has filed for bankruptcy in the US.
Biocon informed the stock exchanges that its research partner filed for bankruptcy under Chapter 11 of US Bankruptcy laws.
However, the company does not anticipate any disruption in its ongoing oral insulin research program, licensed from Nobex and is also seeking to acquire its intellectual property assets.
Biocon has invested $5.8 million in Nobex, that is $1million in common stock and $4.8 million in convertible loans.