New Delhi: Biotechnology major Biocon today said it has entered into an agreement with Bristol-Myers Squibb for it`s oral insulin new drug candidate IN-105.Under the terms of the option agreement, Bristol- Myers Squibb will have the right to exercise an option to obtain an exclusive worldwide licence to the programme.It will, however, conduct the clinical trials according to a pre-agreed development programme up to the completion of Phase II, as per the agreement, Biocon said.If the US based company exercises the option to licence IN -105, following the successful completion of Phase II trial, the domestic firm will receive a licence fee in addition to potential regulatory and commercial milestone payments and royalties on commercial sales outside India, it added.Biocon said it will retain the exclusive rights to IN-105 in India.Bristol-Myers Squibb will assume full responsibility for the development programme, including all development and commercialisation activities outside India, it added.
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