Biocon clarifies it is not considering divesting its API business, stating its strategic importance and ongoing investments in R&D and capex.
Photograph: Kind courtesy Biocon
New Delhi, Dec 15 (PTI) Biotechnology major Biocon on Friday said it is not evaluating divestment options for its API business.
In a regulatory filing, Bengaluru-based company said it is "neither evaluating any divestment options for its API business nor consulting any bankers for this."
The Active Pharmaceutical Ingredient (API) business is a strategic business segment of the company and a key growth driver for the company's small molecules business, a company spokesperson said.
"Biocon continues to strengthen this business and has an ongoing investment of over half a billion dollars in capex and R&D," the filing said.
The company has a strong pipeline of niche fermentation-based APIs, peptides and high potent API products for the near- and long-term growth of its integrated APIs and generic formulations business, it said.
Biocon shares on Friday ended 1.25 per cent down at Rs 251.60 apiece on the BSE.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback