By Brazil Stock Guide – Biomm SA (BIOM3:SA) said it has signed a technology transfer contract to supply insulin glargine to Brazil’s Ministry of Health. The 10-year deal consolidates a broader partnership that also includes Bio-Manguinhos/Fiocruz and China’s Gan & Lee Pharmaceuticals.
The long-acting insulin analogue, used in the treatment of type 1 and type 2 diabetes, will be produced at Biomm’s facility in Nova Lima, Minas Gerais. The company said it has invested about 800 million reais ($142 million) in the plant.
“This contract consolidates the commitment of the Productive Development Partnership (PDP) signed between the Ministry of Health, Bio-Manguinhos/Fiocruz, Biomm and Gan & Lee Pharmaceuticals, enabling the immediate supply of insulin glargine to the Ministry of Health for 10 years,” Biomm said in its filing.
Biomm’s main shareholders include investment fund Cartago, with a 25.86% stake, the Walfrido group with 8.01%, and Brazil’s state development bank BNDES with 5.12%.