Mumbai: Biotechnology firm Biocon Monday said it has entered into an agreement with US-based Mylan Inc for manufacturing, development and supply of generic compounds to the markets world wide.

Under the definitive agreement, both the firms would share capital and certain other costs to bring the products to market, Biocon said in a filing to the Bombay Stock Exchange.

“Through this partnership, we hope to deliver high quality affordable bio-generic antibodies and biologics, thereby addressing a need to lower spiraling healthcare costs in both the developed and the emerging economies,” Biocon chairman and managing director Kiran Mazumdar Shaw said.

Mylan will have exclusive commercialisation rights in the US, Canada, Japan, Australia, New Zealand and in the European Union countries through a profit sharing arrangement with Biocon, the filing said.

Mylan would have co-exclusive commercialisation rights with Biocon in all other markets around the world, it added.

Shares of Biocon were trading at Rs233.25, up 2.87% on the BSE.