Indian biotechnology firm Biocon has entered into an agreement with Pfizer for the exclusive rights of its biosimilar insulin products.

Under the agreement, Biocon will receive a $200m upfront payment, with an additional payment of $150m towards further development and regulatory milestones.

Pfizer will receive the rights to commercialise Biocon’s biosimilar insulin and insulin analog products.

Biocon expects the products to be rolled out across emerging markets by 2011, followed by a European release in 2012 and US release in 2015.

The firm has announced that it intends to use the initial $200m on capacity expansion and other research-related programmes.