Biotechnology major Biocon Ltd today said it will buy out the entire 49 per cent stake held by its joint venture partner 'CIMAB SA' in Biocon Biopharmaceuticals Pvt Ltd (BBPL) for an undisclosed amount.
"Post this acquisition, BBPL will become a wholly-owned subsidiary of Biocon," the Bangalore-head quartered company said in a filing to the Bombay Stock Exchange (BSE).
Biocon said pursuant to a business restructuring, the company will buyout the stake held by CIMAB SA in Biocon Biopharmaceuticals through its another wholly-owned subsidiary Biocon SA.
The company, however, said, it will continue partnership with CIMAB on research, development and commercialisation of various biopharmacueitcal products.
Biocon entered into a pact with CIMAB for setting up a goods manufacturing practice certified (cGMP)-compliant facility to produce a broad range of anti-bodies in 2006.
