Publicly-held biotechnology major Biocon Ltd on Friday announced it had entered into an agreement with the US-based $21-billion Bristol-Myers Squibb (BMS) to further develop its IN-105, an oral insulin product candidate.

Biocon will use BMS’ expertise in clinical trials and get help in redesigning Phase-II trials of the blockbuster drug. Biocon has been working on this drug since 2004 and has so far spent close to $20 million. It had started the programme by partnering US-based Nobex, but later taken control as the latter declared bankruptcy in late 2005.