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Biocon Biologics, a subsidiary of Biocon, has entered into a strategic out-licensing agreement with Japanese pharmaceutical company Yoshindo Inc. for commercialising two of its pipeline biosimilar assets in the Japanese market.

The subsidiary will receive an upfront licence fee as well as additional payments upon achieving certain development milestones over the next few years, Biocon said in a press release.

The financial terms of the pact are confidential.

As per the pact, Yoshindo gets exclusive commercialisation rights in Japan for the above-mentioned biosimilar assets. Biocon Biologics developed and manufactured these biosimilar assets for an addressable market opportunity of about $700 million.

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While one of the biosimilars is used to treat several autoimmune conditions, including psoriasis, Crohn’s disease, ulcerative colitis, plaque psoriasis, and psoriatic arthritis, the other is a monoclonal antibody used for the treatment of osteoporosis.

“Once approved, these products will expand our offering of affordable, high-quality biosimilars in the Japanese market and help address unmet patient needs in the bone health and immunology therapy areas,” said Shreehas Tambe, Deputy Chief Executive Officer, of Biocon Biologics.

Shares of Biocon are trading 0.3 percent lower at Rs 260.45, near their 52-week low.

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(Edited by : Rukmani Krishna)