Biocon shares fall as Pfizer cancels deal

The sale deal was signed between the companies in October 2010.

Written by Agencies | Mumbai | Published: March 13, 2012 9:35:46 am

Shares in India’s Biocon Ltd dropped more than 7 per cent early on Tuesday after Pfizer terminated an agreement to sell the Indian company’s insulin products across the world.

The two companies cited individual priorities as the reason for the split of relationship,which stood to earn Biocon hundreds of millions of dollars in royalties.

The deal was signed between the companies in October 2010.

At 0350 GMT,Biocon shares,the largest listed bio-technology company in India,were down 5.8 per cent at 252.2 rupees in a Mumbai market that was up 0.9 per cent.

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