India’s Biocon shares fall as Pfizer cancels sale deal

MUMBAI (Reuters) – Shares in India’s Biocon Ltd dropped more than 7 percent early on Tuesday after Pfizer terminated an agreement to sell the Indian company’s insulin products across the world. The two companies cited “individual priorities” as the reason for the split of relationship, which stood to earn Biocon hundreds of millions of dollars in royalties. The deal was signed between the companies in October 2010. At 0350 GMT, Biocon shares, the largest listed bio-technology company in India, were down 5.8 percent at 252.2 rupees in a Mumbai market that was up 0.9 percent. …