Biocon completes divestment of enzymes biz

Biocon has completed the divestment of its enzymes business to Novozymes South Asia Pvt. The transfer of all activities were completed today following the approval from the members of the company through the postal ballot.

Biocon had signed a definitive agreement to divest its enzymes business to Novozymes for $115 million in July this year. This will enable Biocon to strategically focus on its core bio-pharmaceuticals business. The enzymes business includes industrial enzymes, food additives and process aids.

With this divestment, Biocon, will henceforth concentrate on its bio-pharma business verticals that include Active Pharmaceutical Ingredients (APIs), biologicals and proprietary molecules, the company said. 

In the quarter ended June 30, 2007, Biocon's revenue from the enzymes business dropped by 3% compared with that in the corresponding quarter last year.