Biocon plans merger with biopharma subsidiary
18 July 2012
Biocon, India's premier biotechnology enterprise, today announced plans to merge its wholly-owned subsidiary Biocon Biopharmaceuticals with the parent company.
Bangalore-based Biocon set up Biocon Biopharmaceuticals as a joint venture with a Cuban partner in 2003 to provide manufacturing support for biopharmaceuticals, and then made it a wholly-owned subsidiary in April 2010.
The board of directors of Biocon will meet on 25 July, a day before the company's annual general meeting, to take a decision on the merger, Biocon said in a filing with the Bombay Stock Exchange (BSE).
Biocon is an innovation-based healthcare solutions provider for chronic diseases like diabetes, cancer and autoimmune diseases.
Biocon's key innovations include world's first Pichia based recombinant human Insulin, Insugen, insulin analogue Glargine, Basalog and India's first indigenously produced monoclonal antibody BioMAb-EGFR, for head and neck cancer. INSUPen is a next generation affordable insulin delivery device introduced in India by Biocon.
Biocon has evolved into an emerging global biopharma enterprise, serving its partners and customers in over 70 countries.
Bangalore-based Biocon, meanwhile, is planning to forge newer partnerships and alliances to augment market access and penetration of its biosimilar molecules.
The company also is setting up a manufacturing, research and marketing base in Malaysia, besides a new state-of-the-art research centre in Bangalore, and a number of marketing alliances in several emerging markets.