14 September 2013
NEW DELHI: Biotechnology major Biocon today said it has inked a pact with CytoSorbents Corporation, under which the Bangalore-based firm will have the exclusive commercialisation rights for CytoSorb, a novel therapy for the treatment of sepsis, in India and some emerging markets.
Biocon and US-based CytoSorbents Corporation "have entered into a strategic partnership with an initial distribution agreement for India and select emerging markets, under which Biocon will have the exclusive commercialisation rights for CytoSorb," the company said in a statement.
Biocon Ltd Chairperson and Managing Director Kiran Mazumdar Shaw said the partnership with CytoSorbents will enable the company to address the huge unmet need of sepsis management in India and emerging markets.
"This move reflects our commitment to bring differentiated products to India that will help address various healthcare challenges faced by millions of patients in our country," Shaw added.
CytoSorb is a 'first-in-class' therapy that can provide an effective solution to physicians to treat critically ill patients suffering from sepsis, Shaw said.
Financial terms of the agreement were not disclosed. Commenting on the development, CytoSorbents Chief Executive Officer and President Phillip Chan said the company expects sales of CytoSorb to benefit from Biocon's strong regional sales and distribution network across India.
"Biocon's network will enable rapid access, education, training, and support of physicians in the largest hospitals throughout India and other emerging markets," CytoSorbents Vice President of Business Development Chris Cramer said.
Shares of Biocon were trading at Rs 333.75 on the BSE in late afternoon trade, down 1.32 per cent from its previous close.
Published by: The Economic Times