Biocon clinches Rs 460.5 crore three-year contract from Malaysia to supply recombinant human insulin formulations

Biocon has won a contract worth Rs 460.5 crore from the Ministry of Health, Malaysia, to supply recombinant human insulin formulations for a period of three years.

The drug manufactured by Biocon at its large-scale bio-pharmaceutical facility in Johor, Malaysia, is the country's first locally manufactured biosimilar biologic product, Biocon said in a BSE filing on Wednesday.

"Biocon SDN. BHD. has been awarded a MYR 300 million contract to be serviced over a period of three years for supplying rh-insulin cartridges and re-usable insulin pens under the Malaysian government's Off-Take Agreement (OTA) initiative," Biocon said in a BSE filing.

It further said: "Biocon's rh-Insulin is Malaysia's first locally manufactured biosimilar biologic product approved by the National Pharmaceutical Regulatory Authority (NPRA), Malaysia, for commercial sales in the country. This marks the commercialisation milestone of Biocon's first overseas facility in Malaysia".

The contract is extendable for an additional two years period subject to approval by the Government of Malaysia, the company said. Biocon will distribute insulins and insulin delivery devices through Malaysia's CCM Pharmaceuticals.