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March 14th, 2012
Biocon Vs Pfizer

Pfizer Inc has terminated a business deal to sell insulin products made by Biocon Ltd, leaving India’s biotech company without a partner to sell a key profit-driver in global markets.

The two companies termed “individual priorities” as the reason for their split in a joint statement released on Tuesday, which immediately ends a relationship. Biocon will retain royalties worth $150 million from Pfizer and stands to receive an undisclosed amount from the U.S. drugmaker as a severance payment, Biocon’s chairman, Kiran Mazumdar Shaw, told CNBC-TV18 news channel on Tuesday.

“Biocon will continue to work with its existing partners in several markets and will pursue a commercial strategy on its own and through new alliances in other markets,” Mazumdar Shaw said in the statement.