Business Daily from THE HINDU group of publications
Thursday, Jul 19, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Jul 19, 2007 ePaper |
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Corporate
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Announcements Biocon sells enzymes biz to Danish co for $115 m
Our Bureau Bangalore, July 18 Biocon Ltd has sold its enzymes business to Denmark-based Novozymes A/S for $115 million. This will enable the company to focus on its core bio-pharmaceuticals business. The enzyme business includes a broad range of industrial enzymes, food additives and process aids. The transaction is expected to be completed by the end of the third quarter of this year, after the shareholder and regulatory approvals. The agreement was signed on Wednesday. The company’s bio-pharma portfolio includes APIs, biologicals and proprietary molecules. Announcing the deal , Ms Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon, said, “We believe that this is the right time to divest our enzymes business and focus on unleashing the full potential of our bio-pharma businesses.” Integration
The company’s enzyme business will be integrated into Novozymes South Asia Pvt Ltd, a fully-owned affiliate of Novozymes A/S. Production and formulation will continue at the company site under lease and service agreements with Novozymes. Allegro Capital Advisors acted as the company’s investment bankers for the transaction.
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