Biocon ties up with Tabuk Pharmaceuticals to expand its market in Middle East

Biotechnology major Biocon said it has inked a pact with Saudi Arabia-based drug firm Tabuk Pharmaceutical Manufacturing Company to commercialise select speciality products in the Middle East region.

Tabuk Pharmaceutical Manufacturing Company is a fully-owned subsidiary of Astra Industrial Group, a leading pharmaceutical company in the Middle East and North Africa (MENA) region.

Under the terms of this agreement, Tabuk Pharmaceuticals will hold the marketing authorisation for select speciality products of Biocon and be responsible to register, importing, and promoting them in Saudi Arabia and other Middle East countries.

As part of the out-licensing deal with Tabuk, Biocon will develop and manufacture the products, and Tabuk will commercialise them, the biotechnology company said in a statement.

"Our partnership with Tabuk Pharmaceuticals is another significant step, as we continue to expand our global presence with our portfolio of high quality and vertically-integrated generic formulations to address unmet medical needs," Biocon CEO and MD Siddharth Mittal noted.

The partnership will pave the way for Biocon's expansion into the MENA region to include Saudi Arabia, UAE, Kuwait, Qatar, Oman and Iraq, in addition to Jordan and Lebanon, according to the statement.