Biotechnology major Biocon on Monday said its subsidiary has joined hands with Libbs Farmaceutica to launch generic drugs in Brazil, the world’s sixth most populous country.
Biocon Pharma, a unit of the company, has tied up with Brazil-based Libbs Farmaceutica to introduce generic formulations in the Latin American country, Biocon Ltd said in a statement.
This partnership, which marks the entry of Biocon’s generic formulations into Latin America, builds upon a successful association with Libbs, which began in 2017 to launch biosimilar Trastuzumab in Brazil, it added.
As part of the out-licensing deal with Libbs, Biocon Pharma will be responsible for drug development and manufacturing, while Libbs will leverage its deep expertise and reach in Brazil to import, distribute and market, subject to approvals from the Brazilian health regulatory agency, ANVISA.
“Expanding our association with Libbs Farmaceutica, a trusted partner, to our generic formulations, will help us establish a firm footing in Latin America, starting with Brazil,” Biocon Ltd Chief Executive Officer and Managing Director Siddharth Mittal said.
The company remains committed to expanding its global presence with high quality and affordable medicines and invest in strengthening capabilities that enables it to serve patients globally, he added.
Libbs Executive President Alceb ades de Mendon a Athayde Junior said the partnership is going to make a difference in patients’ lives.
“We started with Biocon Biologics years ago, and we were very successful: our Trastuzumab became a leader in the private market, a milestone for our company. We will now continue making a difference in people’s lives with Biocon, with the goal to expand access to quality, safe and effective treatments to our patients,” he added.
In January 2021, Biocon Biologics Ltd has approved a primary equity investment from Abu Dhabi-based holding company ADQ.
According to an official statement, ADQ will be investing Rs 555 crore for a 1.80 percent minority stake. Following the deal, Biocon Biologics will be valued at $4.17 billion.
(Disclaimer: Additional background information has been added to this PTI copy for context)