New Delhi: Pharmaceutical firm Biocon Ltd on Tuesday said Siddharth Mittal has taken over as the company’s chief executive officer (CEO) and joint managing director (MD) starting 1 December. Mittal has been elevated from his position as chief financial officer (CFO) and president – finance, in the company.
According to a filing with the stock exchanges, Mittal replaced Arun Chandavarkar, who retired on 30 November after spending nearly three decades at the biosimilar manufacturer.
Mittal has been in Biocon’s top management team since May 2013 and has significantly contributed to the restructuring of biosimilar business into Biocon Biologics, the company said.
“He also played a pivotal role in managing global collaborations. As the CFO, he has successfully created a compelling shareholder value proposition for Biocon over the last six years, including value unlocking of Syngene, which was listed on the Indian capital markets in 2015," the company said.
The drug maker’s chairperson and managing director Kiran Mazumdar-Shaw said she was confident that Mittal will build immense value for Biocon and its stakeholders.
"I am very pleased to welcome Siddharth (Mittal) as CEO and joint MD of Biocon. Siddharth's strong leadership qualities, comprehensive understanding of various aspects of the business, deep financial insights and robust operational experience make him an excellent fit for the role of CEO to lead Biocon through its next phase of growth," Shaw said.
The company reported a 39% year-on-year fall in its consolidated net profit in the September quarter to ₹216 crores. The net profit in the corresponding quarter last year was aided by a large one-time gain.
Excluding the impact of the one-time gain last year, profit this year would have been 3% higher, Biocon had said. However, the firm’s biologics and small molecules businesses saw a 40% and 23% jump in sales respectively during the quarter, leading to a 17% growth in topline to ₹1,611 crore.