A $350 million, $200 mn up front is good money for a new insulin product from Biocon. Research has started paying for India's iconic thrust in Biotechnology, long after it had plateaued its range of outsourcing agreements for US manufacturers. Probably fortunately for Biocon's promoters, it would not have to carry the tag of a Mid cap company any more, with its drugs earning a good marketing partner globally and a lot of hard cash for the company's new candy

Pfizer will have exclusive rights to commercialise Biocon's drugs -- recombinant human insulin, Glargine, Aspart and Lispro -- globally with certain exceptions, such as Germany, India and Malaysia, where Biocon will have co-exclusive rights. 

Shares in Denmark's Novo Nordisk , the world's biggest insulin maker, were down 1.76 percent on Monday. 

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