As a first result of the exclusive negotiations initiated in July, the two companies sign a global distribution agreement
BIOCORP, a French company specializing in the development and manufacturing of medical devices and smart drug delivery systems, announces today the signature of a worldwide partnership agreement with SANOFI for the use of Mallya technology, a connected device for insulin pens.
This long-term agreement is the first decision resulting from exclusive negotiations initiated in July 2019. SANOFI and BIOCORP are thus fulfilling today their ambition to enter into a long-term partnership in the diabetes area.
The agreement covers two main points:
Sanofi acquires the rights to a non-exclusive distribution of Mallya in its current version worldwide, starting in 2020.
BIOCORP is committed to develop a specific and exclusive version of Mallya for SoloStar, SANOFI’s insulin pen.
As a result of the agreement, Sanofi is to pay BIOCORP a further €2 million upon signature of the contract (last July, BIOCORP received a first payment of €4 million). In addition, a third payment of €1.5 million is expected in 2020 when Mallya is effectively launched on the market.
BIOCORP will produce the Mallya devices at its production plant in Issoire, France.
Éric Dessertenne, Chief Operating Officer of BIOCORP, commented: “The expected and now confirmed signature of this contract provides a huge satisfaction to BIOCORP’s team. It confirms the promise of a long and successful partnership with SANOFI. As previously mentioned, Mallya has the potential to be a blockbuster thanks to the competitive advantages it brings to patients in monitoring the follow-up of their diabetes. Thanks to SANOFI’s global reach, this device will help improve compliance for the largest number of patients with diabetes. We are pleased to have our expertise recognized by a world leader in Life Sciences and are convinced that this is only the first step in Mallya’s history.”
Source: Company Press Release