Biocon & Tabuk Partner for Diabetes Treatment in Middle East

New Delhi, Sep 26 (PTI) Biocon Ltd on Thursday said it has signed a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company to commercialise its 'GLP-1' products for treating diabetes and chronic weight management in select countries of the Middle East.

Under the agreement, the company will develop and manufacture the products and Tabuk Pharmaceuticals -- a fully-owned subsidiary of Astra Industrial Group, a leading pharmaceutical company in the Middle East and North Africa (MENA) region, will hold the marketing authorisation rights, and be responsible to register, import and promote them in the region, Biocon said in a regulatory filing.

The agreement also provides for a provision to expand to other 'GLP' products, as well as the option of a tech transfer that will enable localised manufacturing at a later stage, it added.

The partnership with Tabuk Pharmaceuticals paves the way for the company's vertically integrated, complex GLP1 formulations entry into Saudi Arabia and other countries in the region, Biocon CEO and Managing Director Siddharth Mittal said.

"The partnership is further validation of our concerted focus on GLPs and Peptides as future growth drivers," he added.

Tabuk Pharmaceuticals CEO Ismail Shehadah said the partnership with Biocon will enable the company to deliver unique health solutions aimed at enhancing the well-being of people in Saudi Arabia and other countries it operates in.

"We are confident that this partnership supports our efforts to manufacture and localise a range of GLP-1 products in the region and strengthen our market leading position in the area of diabetes medications, in line with our strategy," Shehadah added.