Biocon's chief financial officer Siddharth Mittal has been elevated as the new Chief Executive Officer & Joint Managing Director of the Company. Mittal takes over from Dr Arun Chandavarkar who retired as Chief Executive Officer & Joint Managing Director of Biocon on November 30, 2019, after 29 years of service.

In a statement on Tuesday, Biocon's CMD Kiran Mazumdar-Shaw said “Mittal's strong leadership qualities, comprehensive understanding of various aspects of the business, deep financial insights and robust operational experience make him an excellent fit for the role of CEO to lead Biocon through its next phase of growth. I am confident that in this new role he will build immense value for Biocon and its stakeholders.”

Mittal has been a core member of the leadership team at Biocon since May 2013 and has played a key part in the biosimilars' progress including the restructuring of the biosimilars business into Biocon Biologics with an objective to unlock value for Biocon’s shareholders. He was also instrumental in taking Syngene public.

Mittal who took his new role on December 1, said Biocon is at an inflection point where it is well-positioned to create value for its shareholders by unlocking the potential of various business segments. Post the creation of Biocon Biologics as a wholly-owned subsidiary, I now look forward to generating value for our stakeholders by focusing on our Small Molecules business with an aim to further strengthen our portfolio of complex APIs and Generic Formulations in key global markets.

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