Pfizer Scraps $350 Million Insulin Deal With Biocon

World's largest drugmaker, Pfizer Inc. has scrapped a $350 million deal to sell insulin products made by India's biggest biotech company Biocon Ltd.

The two companies cited "individual priorities" as the reason for the split in a joint statement released on March 13, 2012 which immediately ends a relationship that stood to earn Biocon hundreds of millions of dollars in royalties.

Biocon will retain milestone payments already received from Pfizer and stands to receive an additional undisclosed amount from the US drugmaker, Biocon's chairman, Kiran Mazumdar Shaw said.

Pfizer made upfront payments of $200 million to Biocon and the Indian drugmaker was eligible to receive additional development and regulatory milestone payments of up to $150 million, on top of royalties on sales.