(Source: PRNewswire)PITTSBURGH, June 29 /PRNewswire-FirstCall/ -- Mylan Inc. (Nasdaq: MYL) today announced that it has executed a definitive agreement with Biocon Limited, a publicly traded company on the Indian stock exchanges, for an exclusive collaboration on the development, manufacturing, supply and commercialization of multiple, high value generic biologic compounds for the global marketplace. Through this partnership, Mylan and Biocon bring together highly complementary capabilities that will significantly advance their efforts to secure a leading position in the emerging generic biologics industry.

Mylan's Chairman and CEO Robert J. Coury commented: "Biocon is a first-class, highly respected organization, and I am extremely excited to be able to announce what I consider to be one of the more comprehensive and high quality biologics initiatives reported within the industry to date. After working with our Senior Vice President and Head of Global Biologics Dr. Patrick Vink and conducting extensive due diligence, I can tell you that Biocon is truly an ideal partner for Mylan."

Coury continued: "This unique collaboration combines Biocon's scientific expertise; excellent product development track record; appreciation of complex regulatory requirements; and state-of-the- art, cost-efficient and scalable biologics manufacturing with Mylan's one-of-a-kind global commercial footprint and our regulatory expertise around the world. Biocon also has a unique corporate culture that is very similar to Mylan's. All of these attributes will provide a critical synergy and create a strong and effective long-term partnership. Generic biologics, especially monoclonal antibodies, are expected to become the next great bolus of growth in the generic pharmaceutical industry, and through this alliance, Mylan and Biocon have covered all four corners of what any organization would want or need to have secured to offer a highly competitive and distinct generic biologics product portfolio with tremendous growth potential for the coming decade."

Biocon Chairman and Managing Director Dr. Kiran Mazumdar-Shaw commented: "Biocon is extremely pleased to have found a partner as strong as Mylan to accelerate our work in generic biologics, especially with monoclonal antibodies, and take it to the next level around the world, especially in regulated markets. I am confident that our shared vision for the sector, complementary skills, mutual respect and work ethic will make this collaboration a remarkable success while bringing additional value to Biocon and its shareholders. Monoclonal antibodies are emerging as the most dominant class in biologics.