Indian Firm Pays $5M To Win Assets of Bankrupt Nobex
Posted March 30, 2006
DURHAM, N.C. — Biocon Limited
, a biotechnology firm based in India, has won rights to several prospective drugs through an auction of bankrupt Nobex Corporation.
Biocon paid $5 million in an action overseen by a federal bankruptcy court in Delaware.
Bicon and Nobex were business partners on development and commercialization of an oral insulin product.
Nobex filed for bankruptcy in December of last year.
Nobex assets acquired by Biocon include some 300 patents and patent applications as well as: IN-105, an oral insulin for type 2 diabetes; BN-054, an oral B-type natriuretic peptide (BNP) for cardiovascular disease; Oratonin, an oral calcitonin in Phase 1 trials for osteoporosis; Oral PTH (Para Thyroid Hormone) and APAZA, an oral small molecule drug for inflammatory bowel disease.