LOS ANGELES/NEW YORK - Yahoo Inc has submitted a formal proposal to buy Hulu, joining a growing list of bidders for the video service owned by News Corp and Walt Disney Co, two sources with knowledge of the bid told Reuters on Friday.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Biocon, Bristol-Myers in deal for oral insulin drug
MUMBAI (Reuters) - Biocon Ltd, India's top-listed biotechnology company, said it signed an agreement with Bristol-Myers Squibb Co under which the U.S. drugmaker will have the option to get the worldwide license to its oral insulin drug program.
Bristol Myers can choose to assume full responsibility for the development of the drug IN-105, if its mid-stage trial is successful.
Biocon, which has been looking to partner the drug for nearly two years, said it would receive a license fee as well as milestone payments and royalties based on commercial sales of the drug outside India. It will retain the rights to IN-105 in India.
Financial terms of the deal were not available.
Currently, there are no insulin tablets available and patients with diabetes who need insulin -- a naturally occurring protein that controls blood sugar -- must inject it.
Earlier this year, Pfizer scrapped a deal to sell injectable insulin products made by Biocon.
Biocon shares, which rose more than 4 percent in the previous session, were down 0.4 percent on Friday, while the broader market was up 0.3 percent.
(Reporting by Aradhana Aravindan; Editing by G.Ram Mohan)
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