The same are valued at over 225 million Malaysian Ringgit, it said in an exchange filing.
As part of these contracts, Biocon’s subsidiary Biocon Sdn. Bhd. in Malaysia will supply short-acting recombinant human insulin, insulin glargine and insulin aspart to Duopharma for distribution.
The contracts comprise of a three-year agreement worth 155.27 million Malaysian Ringgit for human insulin, along with two-year agreements for 18 million Malaysian Ringgit for insulin glargine and worth 52.5 million Malaysian Ringgit for insulin aspart.
“Our Johor operations enable us to deliver insulin at scale, expanding patient access in Malaysia and around the world,” Shreehas Tambe, the CEO and managing director of Biocon Ltd., said.
Biocon said it has been working with Duopharma Biotech since 2016 to address Malaysia’s growing diabetes burden. Through this collaboration, over 120 million insulin cartridges have been supplied to the Malaysia’s ministry of health facilities over the past decade, supporting more than 4.5 lakh patients in the Malaysia public healthcare system, the company added.
Both companies have also worked closely in oncology for over seven years and have recently expanded into ophthalmology biologics, Biocon said.
Shares of Biocon are off the opening highs, but are holding on to gains of around 0.5% at ₹425.15. The stock is up 10% so far this year.
Also Read: Adani Enterprises shares could rise another 23% as Morgan Stanley banks on strong operations
