It already sells PediaSure nutritional drink for children, Similac infant-milk formula, and Glucerna supplement for diabetics in the Indian market.
According to the pact between Abbott and Syngene, the US firm will set up a research and development centre in Bangalore where more than 50 researchers and scientists will focus on developing products for maternal and child nutrition and for diabetes care.
Abbott’s first research centre in India is expected to open in June, the companies said in a joint statement this week.
The nutrition market in India is at a relatively nascent stage with annual sales estimated at about $1 billion, according to industry estimates.
Abbott is the largest drug-maker by market share in India after it acquired Piramal Healthcare's formulations business in 2010 for $3.72 billion.
Bangalore-based Biocon recently posted a 16 per cent hike in revenues. Chairman and managing director Kiran Mazumdar-Shaw said the company’s branded formulations business and contract research, through research subsidiaries Syngene and Clinigene, did particularly well.
Revenue from branded formulations grew 39 per cent and contract research registered a 29 per cent rise. The company’s main business of biopharmaceuticals grew 9 per cent.
Biocon, which recently ended its commercialisation agreement with Pfizer, plans to utilise multiple partnerships to market insulin and insulin analogs globally.
Through the planned multiple regional partner models, the company aims to strengthen its marketing presence in Indonesia, Turkey, Russia, Europe and the US.