The termination will lead to loss in revenues for Biocon. Shares of the company dropped by 5.06% to Rs 254.15 and touched an intra-day low of Rs 238.00 at 11.20 am IST.
The companies stated that they decided to party ways with the product, due to individual priorities for their respective biosimilars businesses.
"Biocon remains committed to delivering its Biosimilar Insulins portfolio to global markets in its endeavour to make a difference to diabetic patients across emerging and developed economies. Biocon will continue to work with its existing partners in several markets and will pursue a commercial strategy on its own and through new alliances in other markets," said Kiran Mazumdar Shaw, Chairman and Managing Director, Biocon Limited.
Biocon Limited is India's premier biotechnology company with a strategic focus on biopharmaceuticals and research services. Established in 1978 by Dr. Kiran Mazumdar-Shaw, the Group is an integrated, innovation-driven healthcare enterprise with offerings that traverse the entire drug development value chain.