India's leading biotechnology enterprise, Biocon, has inked an agreement with Abu Dhabi-based Neopharma to establish a joint venture company NeoBiocon to develop specialty bio-pharmaceutical products and provide biotherapeutics for the United Arab Emirates (UAE) market.

Neobiocon will be set up in Dubai's biotechnology and research park, Dubiotech, and will develop and market products in areas such as oncology, diabetes, autoimmune disorders, cardiology, anti-obesity drugs and new generation immunosuppressant drugs.

Neobiocon will also represent the company in Saudi Arabia, Kuwait, Bahrain, Qatar and Oman.

Biotherapeutics for cardiovascular diabetes and oncology segments represent the fastest growing class of drugs in the $5 billion Gulf Cooperation Council pharmaceutical market, Biocon said in a press release.

Our long term vision is to ensure that the country is self-sufficient in terms of biopharmaceutical products, said Kiran Mazumdar-Shaw, Biocon's Chairmand and Managing Director.

The financial details of the agreement were not disclosed