Mylan ( MYL - Analyst Report ) extended its three-year old partnership with India-based Biocon Limited. The companies recently signed a definitive agreement to develop and commercialize the generic versions of three insulin analog products.

As per the terms of the agreement Mylan will have the rights to develop and commercialize Biocon's Glargine, Lispro and Aspart. Glargine is the generic version of Sanofi's ( SNY - Analyst Report ) Lantus; Lispro is the generic of Eli Lilly and Company's ( LLY - Analyst Report ) Humalog while Aspart is the generic of Novo Nordisk's ( NVO - Analyst Report ) NovoLog.

Mylan gained the exclusive commercialization rights of these products in the US, Canada, Australia, New Zealand, the EU and the European Free Trade Association countries. Mylan and Biocon will share development, capital and other expenses in respect to the commercial launch of the products. The company has a profit-sharing arrangement with Biocon for the commercialization of the products in these areas.

Mylan enjoys co-exclusive commercialization rights with Biocon for these products in some other markets around the world. The companies however kept the other terms of the agreement under cover.

Mylan mentioned in its press release that worldwide collaborated net sales of Lantus, Humalog and NovoLog for 2012 were around $11.5 billion.

We note that Mylan already has a strategic collaboration with Biocon to develop a biogenerics portfolio with five products.

The company has several agreements with big pharmaceutical companies in diverse areas. Mylan is set to report its fourth quarter and full year financial results on Feb 27. We expect investor focus to remain on the company’s financial results.

Mylan currently carries a Zacks Rank #2 (Buy). Meanwhile, Sanofi, Lilly and Novo Nordisk also carry a comparable rank.