Biocon Q1 net rises, sells enzymes biz to Novozymes

Biocon Q1 net rises, sells enzymes biz to Novozymes
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First Published: Wed, Jul 18 2007. 01 59 PM IST
Updated: Wed, Jul 18 2007. 01 59 PM IST
By Agencies
Mumbai: Biocon, the Bangalore-based biotechnology major of the country said on 18 July net profit rose 36% to Rs53 crore over Rs39 crore in the first quarter.
Net income rose 28% to Rs272 over Rs213 crore in April-June period, Biocon said in a statement to the National Stock Exchange.
The company has entered into an exclusive licensing agreement with a global pharma company for North America and the European Union.
According to the agreement, to develop and market a bio-similar version of granulocyte-colony stimulating factor, Biocon will receive an upfront licensing fee and royalties from sales, it said in a statement.
Biocon has also signed an exclusive agreement with Invitrogen Corp. to market insulin. The Bangalore-based firm has also filed to conduct a Phase I clinical trial in Sweden, it said.
The company has also sold its enzymes business to Denmark’s Novozymes for $115 million (Rs464 crore), two television news channels reported on 18 July.
Biocon chairman and managing director Kiran Mazumdar Shaw said on television the proceeds would acrrue by the third quarter of 2007.
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First Published: Wed, Jul 18 2007. 01 59 PM IST