The Bangalore based Biocon has signed licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company for marketing ‘GLP-1’ products for treatment of diabetes and chronic weight control in some of the particular Middle Eastern nations.
According to the deal signed between the two companies, Tabuk Pharmaceuticals, which is a wholly-owned subsidiary of Astra Industrial Group, a leading MENA based pharmaceutical company, will be responsible for holding the marketing authorisation and for registering, importing and marketing of the products in the region. The company will design, produce and commercialise the products.
Moreover, the agreement allows for a broadening of the package to other ‘GLP’ goods, as well as presents the prospect of a technology transfer which would ultimately make manufacturing local.
Siddharth Mittal, Biocon CEO and managing Director added that as a result of the company’s sophisticated, vertically integrated GLP1 formulations, the company is in a position to sell its products to Saudi Arabia and other countries surrounding it with the help of Tabuk Pharmaceuticals.
Ismail Shehadah, the CEO of Tabuk Pharmaceuticals said that the company’s partnership with Biocon will enable it to serve customers with unique health solutions aimed at enhancing the quality of life of people in Saudi Arabia and other countries.
