Bangalore, July 18, 2007
Biocon announced today a definitive agreement to divest its Enzymes business vertical to Novozymes A/S for USD 115 million. This will enable Biocon to strategically focus on its core bio- pharmaceuticals business. The enzyme business includes a broad range of Steen Riisgaard, CEO of Novozymes said The acquisition of Biocons enzyme business provides an important step for Novozymes in strengthening our position in the Indian market, which we believe has an attractive growth potential.
The activities of Biocon have an excellent strategic fit to our existing enzyme business. We see several interesting and synergistic market opportunities making this a very interesting acquisition. Biocons enzyme business will be integrated into Novozymes South Asia Pvt. Ltd., a fully owned affiliate of Novozymes A/S. Production and formulation will continue at the Biocon site under lease and service agreements with Novozymes.
Biocons Board of Directors unanimously recommended the sale, subject to certain limited conditions normal in a transaction of this nature including the approval of Biocons shareholders. The agreement has been signed on July 18, 2007 and will seek shareholders approval by postal ballot to be initiated shortly. The two companies expect the business transfer agreements to be approved by appropriate authorities and the transaction is expected to be closed before the end of Q3 CY 2007. Allegro Capital Advisors acted as Biocons investment bankers to the transaction.
Novozymes is the world leader in bioinnovation. Together with customers across a broad array of industries we create tomorrows industrial biosolutions, improving our customers business and the use of our planets resources. With over 700 products used in 130 countries, Novozymesbioinnovations improve industrial performance and safeguard the worlds resources by offering superior and sustainable solutions for tomorrows ever-changing marketplace. Read more at www.novozymes.com
Established in 1978, Biocon Limited is one of Indias premier biotechnology companies. Biocon and its two subsidiary companies, Syngene International Ltd. and Clinigene International Ltd. form a fully integrated biotechnology enterprise, specializing in biopharmaceuticals, custom research, clinical research and enzymes. With successful initiatives in clinical development, bio-processing and global marketing, Biocon delivers products and solutions to partners and customers across the globe. Many of these products have USFDA and EMEA acceptance. Biocon launched the worlds first recombinant human insulin, INSUGEN in November 2004 using Pichia expression and Indias first indigenously produced monoclonal antibody BIOMAb EGFR™