Biocon and Abraxis Bioscience announces Licensing agreement for commercialization of Abraxane in India

Biocon Ltd has announced that the Company and Abraxis BioScience, Inc. (NASDAX ABBI), an integrated, global biopharmaceutical company, on August 09, 2007, has announced a licensing agreement for the commercialization of ABRAXANE® (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) in India. Under the terms of the agreement, the Company will also have the right to market ABRAXANE in Pakistan, Bangladesh, Sri Lanka, United Arab Emirates, Saudi Arabia, Kuwait and certain other Persian Gulf countries. As part of this agreement, Abraxis will receive royalties from the Company based on net sales of ABRAXANE in these countries.

"ABRAXANE adds tremendous value to our innovation led Oncotherapeutics marketing strategy. The Company is committed to bringing new therapeutics for the benefit of patients both in India and other regions of the world through in-house and licensed products. Our partnership with Abraxis on multiple fronts is enabling us to realize this objective in an effective and expedious manner" said Kiran Mazumdar-Shaw, Chairman and Managing Director, of the Company.

In July 2007, Abraxis submitted to India's Ministry of Health and Family Welfare an application to market ABRAXANE for the treatment of breast cancer.

The stock closed the day at Rs.438.60, down by Rs.4.90 or 1.10%. The stock hit an intraday high of Rs.458.80 and low of Rs.437. The total traded quantity was 99691 compared to 2 week average of 66009.

Source : Equity Bulls

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