Biocon to divest enzymes biz for $115mnBS Reporter / Mumbai July 18, 2007Biocon today announced a definitive agreement to divest its enzymes business vertical to Novozymes A/S for $115 million. According to a release issued by Biocon to the BSE today, the move will enable the company to strategically focus on its core bio-pharmaceuticals business.BS REPORTED IT FIRST: Biocon to sell enzymes unit to Danish firmKiran Mazumdar-Shaw, CMD of the company, said: "Over the past decade we have clearly recognised the high growth trajectory of our bio-pharma business verticals, and have progressively invested to build proprietary know-how and global scale. 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.Novozymes, as the recognized world leader in enzymes, will be in a strong position to leverage our existing enzymes portfolio built over a span of nearly three decades."Steen Riisgaard, CEO, Novozymes said: "The acquisition of Biocon's enzyme business provides an important step for Novozymes in strengthening our position in the Indian market. The activities of Biocon have an excellent strategic fit to our existing enzyme business."Biocon
