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Mylan, Biocon help market generic insulin drugs

PITTSBURGH (AP) -- Mylan Inc. said Wednesday it will help market generic versions of some of the biggest-selling insulin drugs in the world under a new agreement with Biocon Ltd., India's largest biotechnology company by revenue.

The companies did not disclose terms of the deal.

Mylan said it will have the right to develop Biocon's generic version of Sanofi's drug Lantus, Eli Lilly and Co.'s Humalog, and Novo Nordisk AG's NovoLog. Mylan said combined worldwide sales of Lantus, Humalog and NovoLog totaled about $11.5 billion in 2012.

Mylan and Biocon will share some of the costs involved in developing the generics, and Mylan will have the exclusive rights to sell them in the U.S., the European Union and European Free Trade Association, Canada, Australia, and New Zealand. The companies will share profits on those sales. Mylan will have the right to work with Biocon to sell the drugs in some other markets.

Mylan shares rose 6 cents to $28.86 during regular trading, then fell a penny to $28.85 in after-hours trading.