Biocon (BSE code: 532523, NSE: BIOCON), a global biopharmaceutical company, announced the signing of a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company, a subsidiary of Astra Industrial Group. The agreement will focus on commercialising GLP-1 products for diabetes and chronic weight management in select countries of the Middle East.
Under the agreement, Biocon will develop and manufacture the products. Tabuk Pharmaceuticals will hold the marketing authorization rights and will register, import, and promote the products in the region. The agreement includes provisions for expansion to other GLP products and an option for tech transfer for future localised manufacturing.
Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, said, “I am pleased to expand our partnership with Tabuk Pharmaceuticals, which paves the way for our vertically integrated, complex GLP-1 formulations entry into Saudi Arabia and other countries in the region. The partnership is further validation of our concerted focus on GLPs and Peptides as future growth drivers. This is another important milestone for Biocon, reflecting our commitment to providing patients around the globe with affordable medications, by establishing a strong portfolio of products, either directly or through strategic partnerships.”
Ismail Shehadah, Chief Executive Officer of Tabuk Pharmaceuticals, commented, “We are excited to announce our partnership with Biocon that will enable us to deliver unique health solutions aimed at enhancing the well-being of people in Saudi Arabia and other countries we operate in. We are confident that this partnership supports our efforts to manufacture and localize 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. This also stands as a commitment from our side to support the 2030 vision of Saudi Arabia through localizing specialty pharmaceutical products in the Kingdom.”