Biocon, a biotechnology company based in India, has formed a strategic collaboration with Mylan, a global pharmaceutical company, for for the global development and commercialization of generic versions of its three insulin analog products.

Mylan will have the rights to develop and market Biocon's Glargine (the generic version of Sanofi's Lantus), Lispro (the generic version of Eli Lilly's Humalog) and Aspart (the generic version of Novo Nordisk's NovoLog).

Mylan and Biocon will share development, capital and certain other costs to bring the products to market. Mylan will have exclusive commercialization rights in the U.S., Canada, Australia, New Zealand, the E.U. and the European Free Trade Association countries through a profit share arrangement with Biocon. Mylan will have co-exclusive commercialization rights with Biocon in certain other markets around the world. All other transaction terms remain confidential.

"Mylan is a natural preferred partner for our portfolio of generic Insulin analogs and this collaboration further strengthens our existing successful partnership,” said Kiran Mazumdar-Shaw, chairman and managing director, Biocon. “We are excited to team up with Mylan to be able to cost effectively address the disease and economic burden that diabetes poses to global health.”

Heather Bresch, CEO of Mylan, added, "This collaboration builds off of our existing successful partnership for generic biologics with Biocon and brings Mylan a portfolio of high-value insulin analog products. This collaboration further expands and diversifies our pipeline of complex, difficult-to-manufacture products with strong future growth potential. Importantly, we believe we have the opportunity to be one of the first generic entrants in developed markets into the rapidly growing diabetes area, helping to address unmet needs and reduce the economic burden to those battling the disease and to the global healthcare system."

According to public filings, reported worldwide net sales of Lantus, Humalog and NovoLog for 2012 were approximately $11.5 billion.