DUOPHARMA Biotech Berhad announced the government has extended an agreement for the supply and delivery of human insulin products by one year, from Dec 2, 2020 to Dec 1, 2021 with an additional contract value of RM19.625 million.
Duopharma Biotech said the agreement was between the government, Biocon Sdn Bhd as the manufacturer, and Duopharma Marketing Sdn Bhd (DMktg), a wholly owned subsidiary of Duopharma Biotech, as Biocon’s authorised distributor/reseller.
Following this second additional contract value, the total contract value has been increased to RM410.725 million from RM300.04 million under the original agreement. The first additional contract value of RM91.06 million was in December 2019.
As at Dec 2, 2020, the value of the products yet to be drawn down by the government under the agreement (inclusive of this second additional contract value) was RM69.08 million.
“In the event the products are drawn down by the government, such supply to the government would contribute positively to Duopharma’s revenue and earnings in the financial year 2021.
“The company wishes to highlight that the said amendments will be formalised through the execution of a formal supplemental agreement to the agreement between the government, Biocon and DMktg at a later date,” the company said.
Duopharma Biotech is one of the country’s leading pharmaceutical companies. Among its consumer healthcare products which are household names include Flavettes, Champs, Uphamol and Proviton.
In 2020, it signed an agreement with its Korean partner, PanGen Biotech, and government-linked investment body VentureTech for the establishment of Malaysia’s first commercial biosimilar production facility in a move to position the country as a regional player in this growing market.
In early 2017, Duopharma Biotech achieved a key milestone when it received accreditation as the first company to receive the Halal Malaysia certification for prescription medicines.
