Mumbai: Biocon Ltd has entered into a licensing agreement with Abraxis BioScience, Inc. of the US for commercialising its breast cancer drug Abraxane (paclitaxel protein-bound particles for injectable suspension-albumin-bound) in India.

"Abraxane adds tremendous value to our innovation-led oncotherapeutics marketing strategy," Biocon chairman and managing director Kiran Mazumdar-Shaw said in filing with the Bombay Stock Exchange (BSE).

''Abraxane'' is indicated for the treatment of breast cancer. As it does not contain solvents, there is a reduced risk of certain hypersensitivity-related side effects and so additional medications, such as steroids and antihistamines, are not necessary.

As per the agreement, Biocon would also have the right to market ''Abraxane'' in Pakistan, Bangladesh, Sri Lanka, United Arab Emirates, Saudi Arabia, Kuwait and certain other Persian Gulf countries, the healthcare major said.

Biocon would also pay Abraxis royalties based on net sales of ''Abraxane'' in these countries.

"The company is committed to bringing new therapeutics for the benefit of patients both in India and other regions of the world through in-house and licensed products," she said.

an effective and expedious manner," Mazumdar-Shaw added,

Abraxis made an application to the ministry of health and family welfare, seeking permission to market ''Abraxane'', in July.