The Rs 1,673-crore Bangalore-based biotech major, Biocon Limited, has signed a deal with US based Mylan Inc to collaborate in the field of generic biologic drugs. Both the firms will join hands for developing, manufacturing and commercializing biological compounds to achieve a leading position in the emerging generic drug industry, by virtue of their highly complementary capabilities in their respective domains.

Kiran Mazumdar-Shaw, chairperson, Biocon said: "I am sure this collaboration will be remarkable success while bringing additional value to Biocon and its shareholders." He said that the partnership will help to arrest ever increasing healthcare costs, providing high quality, affordable bio-generic antibodies and biologics to customers. However, he declined to divulge the details of the financial terms.

Both companies will jointly meet costs for producing drugs. Mylan, the third largest global generics pharmaceutical company, will exclusively sell drugs in European Union and European Free Trade Association countries besides US, Canada, Japan, Australia and New Zealand.

Mazumdar-Shaw further said: "Through this partnership, we hope to deliver high quality, affordable, biologics, thereby addressing a critical need to lower spiraling health care costs in both the developed and developing economies."