Biocon inks distribution, supply deal for obesity treatment drug in Mexico
Summary
Biocon Share Price | Under this agreement, Biocon will handle obtaining regulatory approval, manufacturing, and supplying the drug product, while Medix, based in Mexico, will oversee its commercialisation in the Mexican market.
Biocon Ltd on Monday, May 13, said it has signed a semi-exclusive distribution and supply agreement with Medix for the commercialisation of its vertically-integrated obesity-treatment drug product, Liraglutide (generic Saxenda) in Mexico.
The drug is used in chronic weight management, the company said in a stock exchange filing.
Under this agreement, Biocon will handle obtaining regulatory approval, manufacturing, and supplying the drug product, while Medix, based in Mexico, will oversee its commercialisation in the Mexican market.
The total market size for Liraglutide for obesity indication in Mexico is estimated to be approximately $37 million, according to IQVIA data for the 12-month ending the fourth quarter of 2023.
With over 70 years of experience, Medix has been developing solutions to combat the challenges of overweight and obesity in a country where 70% of the population is affected by the condition, aiming to enhance their quality of life, the stock exchange filing said.
The collaboration also comes following Biocon’s achievement of being the first company to obtain approval for gLiraglutide in an ICH country.
“The collaboration will enable patients in the region who are dealing with obesity to get affordable access to our product, and better manage the disease. Our efforts will be focused on working with Medix to enable the commercialisation of this product expeditiously,” Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, said.
According to the WHO, Mexico is the second country with the highest prevalence of overweight and obesity worldwide.
Last month, Biocon partnered with Brazil-based Biomm SA for the commercialization of its diabetes drug in Latin America.
Under this agreement, Biocon will handle the development, manufacturing, and supply of Semaglutide (gOzempic), while Biomm will be tasked with securing regulatory approval and handling commercialization in the Brazilian market.
Shares of Biocon were trading 1.64% lower at ₹299 apiece on the BSE at 11:07 am.
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