Biotechnology major Biocon on Thursday said it has signed a license and supply pact with a subsidiary of China Medical System Holdings for three generic formulation products in Greater China. Under the terms of the agreement, Biocon will be responsible for the development, manufacturing and supply of the products and China Medical System Holdings (CMS) will be responsible for registration and commercialisation of the products in China, Biocon said in a statement.
The initial term of the agreement shall be for 10 years from the date of commercialisation, extendable by two years on a product basis by mutual consent. This collaboration can be extended to a broader portfolio in future, it added.
The development is in line with Biocon's long term generic formulations strategy and expands its generic formulations business footprint to the Chinese pharmaceuticals market, the statement said.
