US drugmaker Pfizer has scrapped a deal to sell insulin products made by Biocon Ltd, in what is set to be a major blow for India's largest listed biotech firm.

The companies did not say why the deal, agreed only in October 2010, had ended, saying only in a statement that it was in their best interests to move forward independently.

All rights licensed to Pfizer revert to Biocon as of March 12th. Insulin distributed under the brand names Univia and Glarvia will be commercially available from Biocon.

Reuters