Biocon acquires stake of CIMAB in joint venture

MUMBAI: Biotechnology major Biocon Ltd on Monday said it will buy out the entire 49% stake held by its joint venture partner CIMAB SA in Biocon Biopharmaceuticals Pvt Ltd (BBPL) for an undisclosed amount.
"Post this acquisition, BBPL will become a wholly-owned subsidiary of Biocon," the Bangalore-head quartered company said in a filing to the Bombay Stock Exchange (BSE).
Biocon said pursuant to a business restructuring, the company will buyout the stake held by CIMAB SA in Biocon Biopharmaceuticals through its another wholly-owned subsidiary Biocon SA.
The company, however, said, it will continue partnership with CIMAB on research, development and commercialisation of various biopharmacueitcal products. Biocon entered into a pact with CIMAB for setting up a goods manufacturing practice certified (cGMP)-compliant facility to produce a broad range of anti-bodies in 2006.