However, the financial terms of the pact were not disclosed.

Through this pact, Biocon will have access to Quark's innovative and proprietary siRNA technology platform that will be leveraged for the development of novel therapeutics for various unmet medical needs.

This collaboration will enable Biocon to co-develop, manufacture and commercialize QPI-1007, a novel siRNA drug candidate for ophthalmic conditions, for India and other key markets.

Commenting on the occasion, Ms Kiran Mazumdar Shaw, CMD, Biocon, said, "We are very excited to partner with Quark to develop novel and promising siRNA therapeutics. Our joint development efforts on QPI-1007, targeting ocular neuroprotection aims at providing relief to several patients suffering from serious ophthalmic conditions. This collaboration reinforces our commitment to develop and introduce innovative therapeutics to India to meet the unmet medical needs."

QPI-1007 is being developed for ocular neuroprotection in NAION (non- arteritic anterior ischemic optic neuropathy) and acute angle closure glaucoma.

"We are very pleased to collaborate with Biocon. We believe siRNA is going to make a very important impact in the field of pharmaceuticals discovery and development. We are hopeful that this collaboration will position Biocon as the leading siRNA company in India and as an international player in this new drug category," said Dr Daniel Zurr, CEO, Quark Pharmaceuticals.

RNAi technology is used in the interfering with the expression of a specific gene.