Biocon Approval + Divestment of Enzymes business

Biocon has received the necessary approvals from DCGI (drug controller general of India) to market ABRAXANE (nanoparticles based, albumin bound paclitaxel) in India. ABRAXANE has been approved for use in the treatment of breast cancer and will facilitate affordable access of high-quality supportive care therapy to cancer patients in India.

The global revenue for ABRAXANE reached $175 million in the first phase of its launch. Globally ABRAXANE has shown a positive trend in market penetration for metastatic breast cancer. According to IMS data, for the period between February and September 2006 versus the same period the previous year, there was a 64% unit growth in ABRAXANE versus a 11% increase in the overall taxane market.

Biocon completed the formalities with respect to the divestment of its Enzymes business vertical to Novozymes South Asia, a wholly owned subsidiary of Novozymes A/s of Denmark for $115 million on 01 October 2007. The post tax proceeds of this divestment will enable Biocon to strategically focus on its core bio-pharmaceuticals business as well as consider key acquisition opportunities to move up the value chain. This divestment will contribute a one time exceptional net gain this fiscal.

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