Medix to distribute Biocon's obesity drug in Mexico

14 May 2024 , 11:21 AM

Biocon Ltd said on Monday, May 13, that it has entered into a semi-exclusive distribution and supply deal with Medix for the commercialization of its vertically integrated obesity treatment medication product, Liraglutide (generic Saxenda), in Mexico.

The medicine is intended to control chronic weight, according to the company’s stock exchange filing.

Under the terms of this partnership, Biocon will handle regulatory approval, production, and supply of the drug product, while Medix, based in Mexico, will oversee its commercialization in the Mexican market.

According to IQVIA data for the 12-month period ending in the fourth quarter of 2023, the total market size for Liraglutide for obesity indications in Mexico is expected to be around $37 million.

Medix, with over 70 years of experience, has been creating solutions to tackle the issues of overweight and obesity in a country where 70% of the population suffers from the illness, with the goal of improving their quality of life, according to a stock exchange filing.

The partnership follows Biocon’s success in becoming the first business to receive approval for gLiraglutide in an ICH country.

“The agreement will provide inexpensive access to our medicine for patients in the region battling with obesity, allowing them to better control their ailment. Our efforts will be focused on collaborating with Medix to expedite the commercialization of this product,” said Siddharth Mittal, Biocon Ltd’s CEO and Managing Director.

According to the World Health Organisation, Mexico has the second highest prevalence of overweight and obesity in the world.

Last month, Biocon formed a partnership with Brazil-based Biomm SA to commercialize its diabetic medicine in Latin America.

At around 11.03 AM, Biocon was trading 0.88% higher at ₹304.30, against the previous close of ₹301.85 on NSE. The counter touched an intraday high and low of ₹305.60, and ₹301.65, respectively.

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