 "Biocon Q3 net falls 13% to Rs 91 crore")
Biotech major Biocon has reported a 13 per cent drop in net profit from a year earlier for the October-December quarter, at Rs 91 crore.
The company also announced that it will sell a 10-15 per cent stake in its research services arm Syngene International.
Biocon revenues in the December quarter were up eight per cent to Rs 779 crore over the corresponding quarter of 2013-14. Bio-pharmaceuticals and branded formulations contributed Rs 541 crore and research services contributed Rs 220 crore, the company said.The company also announced that it will sell a 10-15 per cent stake in its research services arm Syngene International.
“Our research services arm, Syngene, has reported the best quarter thus far at Rs 220 crore which bodes well as the company prepares for a public listing,” said Kiran Mazumdar-Shaw, chairman and managing director, Biocon, in the release.
While approving the listing of Syngene through the offer for sale route, Biocon Board has also approved the initiation of the process of appointing merchant bankers. “The company would offload a 10-15 per cent stake from present holding of 85.54 per cent,” the release added.
But, the timing of the listing of Syngene will depend on regulatory approvals and market conditions.
Biocon, through its wholly-owned subsidiary Biocon Research, had recently sold a 10 per cent stake in Syngene International (Syngene) earlier this month.
"Biocon continues to invest in its uniquely differentiated biosimilars portfolio, which straddles both Insulins and Monoclonal Antibodies. We are confident this will deliver short term growth in the emerging markets and drive long term value creation across global markets," said Kiran Mazumdar-Shaw.
Meanwhile, the company has inducted former TEVA CEO Jeremy M Levin and Harvard Medical School Professor Vijay K Kuchroo as an additional independent director on its board.