Bangalore-based biotech major Biocon, which is expecting to get $97 million upfront through the sale of its enzymes business to Denmark-based Novozymes, is looking at acquisitions to strengthen its bio-pharma business.
“We are looking at investing in bio-pharma companies or making acquisitions to strengthen our business with the sale proceeds,” said Kiran Mazumdar-Shaw, chairman and managing director of the company. Shaw, however, did not identify the target companies. Biocon divested its enzymes business by selling it to Denmark-based Novozymes for $115 million.
Novozymes is expected to utilise Biocon’s production and formulation facilities under lease and service agreements. After completing this divestment, Biocon will focus on its bio-pharma business verticals that include APIs, biologicals and proprietary molecules, both commercialised and under development.
(Source: Business Standard)
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