Biocon Inks Deal with Medix to Market its Obesity Drug in Mexico

Biocon will distribute and commercialize its vertically integrated drug product, Liraglutide (gSaxenda), used in the treatment of chronic weight management.

Leading biopharma player, Biocon has inked a distribution deal with Medix, to commercialize its obesity drug in Mexico.

The partnership with Medix, a leading pharmaceutical company in Mexico, is expected to boost Biocon’s presence in the Mexican market. However, the specifics of the deal remain confidential.

With obesity becoming a growing health concern in Mexico, Biocon aims to enhance access to its obesity drug for patients.

Expressing thoughts, Siddharth Mittal, CEO & MD, Biocon, said, “After being the first company to obtain approval for gLiraglutide in an ICH country, we are pleased to collaborate with Medix to bring our vertically integrated gSaxenda to Mexico. Our efforts will be focused on working with Medix to enable the commercialisation of this product expeditiously.”

The collaboration seeks to enable patients in the region who are dealing with obesity to get affordable access to the product, and better manage the disease.

Deal to Combat Obesity in Mexico

Per the deal, Biocon will distribute and commercialize its vertically integrated drug product, Liraglutide (gSaxenda), used in the treatment of chronic weight management.

Under the terms of this agreement, Biocon will undertake the responsibility of obtaining regulatory approval, manufacturing, and supply of the drug product, while Medix will be responsible for its commercialization in the Mexican market.

Medix has been working for more than 70 years in developing solutions to address the overweight and obesity burden in a country where 70% of the population is dealing with the disease, to improve their quality of life.

Carlos Abelleyra, CEO Medix, said, “According to the WHO, Mexico is the 2nd country with the highest prevalence of overweight and obesity worldwide. Our partnership with Biocon will bring quality and affordability into the pharmacological options for the physician, which supports our vision.”

The total addressable market opportunity of Liraglutide for obesity indication in Mexico is approximately $37 million as per the IQVIA MAT Q4 2023.

Biocon’s Series of Developments

In November, Eris Lifesciences acquired Biocon Biologics' dermatology and nephrology branded formulations business units in India. The deal, valued at INR 366 Cr, included partial funding through debt financing.

The acquisition includes working capital and a team of over 120 professionals from Biocon Biologics' nephro and derma units, who were expected to join Eris following the deal.

In other developments, Biocon Generics Inc, a subsidiary of Biocon, acquired Eywa Pharma Inc.'s oral solid dosage manufacturing facility in the United States, reinforcing Biocon's presence in the US pharmaceutical market with a total consideration of $7.7 million.

The acquisition deal also saw the absorption of Eywa Pharma Inc.'s existing workforce by Biocon Generics Inc.

Furthermore, in April 2023, Biocon Biologics' B3 plant in Bengaluru, India, received GMP certification from the Health Products Regulatory Authority in Ireland to manufacture biosimilar Bevacizumab, designed to treat multiple cancers and a specific eye disease.

Biocon Limited is an Indian biopharmaceutical company based in Bengaluru. Founded by Kiran Mazumdar Shaw in 1978, the company aims to be an innovation-led global biopharmaceutical enterprise.

Biocon claims to offer a commercial presence in around 120 countries, with direct operations in the United States, Canada, Europe, and nine key emerging markets. These include India, UAE, Saudi Arabia, Morocco, South Africa, Brazil, Malaysia, Thailand, and the Philippines.