Silicon India reported Tuesday that India-based Biocon plans to acquire the intellectual property assets of Durham-based Nobex.

The pharmaceutical firm has filed for bankruptcy.

Silicon India reported that Bicon, which has partnered with Nobex on development of orally delivered insulin,, has invested $5.8 million in Nobex. Nobex raised more than $80 million in venture backing.

The report quoted Kiran Mazumdar-Shaw, chief executive officer of Biocon, as saying: “Biocon is seeking all IP assets of Nobex. We are having exclusive licensing rights, which, as per the agreement, survive any event of bankruptcy. Biocon is in a position to select any options that it chooses.”