Pharmaceutical firm Mylan (NASDAQ:MYL) announced in a press statement this week that the company  has agreed, with biotech firm Biocon, to establish a strategic partnership to develop and market three generic insulin analog therapies.

Mylan assumes the rights to develop and market three of Biocon's products – generic drugs Glargine, Lispro, and Aspart – while the two companies will share development and other costs. Mylan will also gain exclusive commercialization rights in several advanced economies, including the U.S., Canada, and the E.U., along with co-exclusive rights with Biocon in other markets around the world.

Heather Bresch, Mylan's CEO, commented on the agreement in the release, saying:

This collaboration builds off of our existing successful partnership for generic biologics with Biocon and brings Mylan a portfolio of high-value insulin analog products. ... Importantly, we believe we have the opportunity to be one of the first generic entrants in developed markets into the rapidly growing diabetes area, helping to address unmet needs and reduce the economic burden to those battling the disease and to the global health care system.

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