indias-biocon-exits-enzymes-business

India's Biocon exits enzymes business

Biocon sells its enzymes business to Denmark's Novozymes for $115 million in an attempt to become a more focussed biotechnology player.
Indian biotechnology player Biocon announced on July 18 that it will sell its enzymes business to Novozymes of Denmark for $115 million.

Biocon is currently in the bio-pharmaceuticals, contract research, clinical research and enzymes businesses. Its enzymes division offers a range of industrial enzymes, food additives, process aids and enzymes for the juice and wine industries. The divestiture is designed to sharpen BioconÆs focus on its bio-pharmaceuticals business, which includes active pharmaceutical ingredients, biologicals and proprietary molecules.

Of the total consideration of $115 million, $97 million will be paid up front and $5 million when certain business targets are met. The balance of $13 million relates to committed service fees and lease payments, to be...
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