Biocon Biologics Ltd (BBL), an India-based, fully integrated biosimilars company and subsidiary of Biocon Ltd (BSE code: 532523)(NSE:BIOCON), announced on Thursday that it has entered a five-year partnership with the Australian division of Sandoz AG, a Swiss-Germany based company that focuses on generic pharmaceuticals and biosimilars.

Under the partnership, Sandoz gains the exclusive rights to promote, sell and distribute biosimilar Trastuzumab (market value of AUD35m) and biosimilar Bevacizumab (market value of AUD45m) in Australia.

Under the contract, Sandoz is to distribute the Biocon Biologics' brands, OGIVRI (bTrastuzumab) and ABEVMY (bBevacizumab), and facilitate the sustained access of these medications that were earlier distributed by another pharmaceutical company to patients in Australia. Trastuzumab is a biosimilar of Herceptin and Bevacizumab is a biosimilar of Avastin – both biosimilars are offered on Australia's Pharmaceutical Benefits Scheme (PBS) and used for the treatment of various cancers.

The contract is effective from 1 January 2024 and commercialisation started on 1 February 2024.

Matt Erick, Chief Commercial Officer of Advanced Markets, Biocon Biologics Ltd, said, 'Following the recent establishment of our strategic partnership with Sandoz in Japan, our agreement with Sandoz in Australia marks another important milestone of our global partnership and growth strategy. This relationship is also a crucial step for patients in Australia, ensuring continued access to high-quality, affordable biosimilar medicines used in oncology.'

(USD1=AUD1054)