Biocon inks licensing, supply pact with South Korea's Handok for chronic weight management product

Biocon Ltd on Friday said it has signed an exclusive licensing and supply agreement with South Korea's Handok for commercialisation of its complex drug product, synthetic Liraglutide, used in the treatment of chronic weight management.

Under the agreement Biocon will undertake the development, manufacturing and supply of the drug product, and Handok, a specialty pharmaceutical firm, will be responsible for obtaining regulatory approval and commercialisation in the South Korean market, the company said in a statement.

" The partnership with Handok, which will enable patients in South Korea dealing with weight management to gain access to our GLP-1 peptide drug product, synthetic Liraglutide," Biocon CEO and Managing Director Siddharth Mittal said.

He further said, "This also aligns with our commitment to expand our portfolio of innovative, affordable medicines to address the unmet needs of patients around the world." Handok is amongst South Korea's leading firms in the management of diabetes, offering a host of solutions from diagnosis to treatment and care."Liraglutide is an important drug product for treating diabetes and obesity. 

Our collaboration with Biocon will enable Handok to expand its portfolio into the obesity sector, which will benefit patients and sharpen our competitive edge," Handok Chairman YoungJin Kim said.Biocon said the total addressable market opportunity of Liraglutide in South Korea is approximately $47 million as per the IQVIA MAT Q4 2023.