Biocon completes divestment of its enzyme biz

MUMBAI: Biotechnology firm, Biocon on Monday said it has completed all activities related to the divestment of enzymes business to Novozymes South Asia Pvt Ltd.

In a communique to Bombay Stock Exchange, the company said, it has received the approvals of the members of the company through postal ballot for the divestment of enzymes business to Novozymes South Asia.
   
Earlier in July this year, the company had announced its decision to divest its enzymes business to Novozymes for 115 million dollar.

After the completion of the divestment, the company would concentrate on its bio-pharma business verticals that includes APIs, biological and proprietary molecules both commercialized and under development.

Biocon's board has recommended the sale and now with the company getting the approvals of its shareholder, it has completed all the process of divestment of its Enzyme Business.
   
The company is leading biotechnology company and has two subsidiary company and many of its product have got USFDA.
  
Shares of Biocon were trading at Rs 499.05, up 5.42 per cent on BSE.