Novozymes signs million-dollar agreement to acquire India-based Biocon
Dated: 25 July 2007
Novozymes has signed US$115 million agreement to acquire the enzyme activities of India-based Biocon Limited – a move that will help strengthen its position in the attractive Indian enzyme market, the Danish-company said.
"Novozymes has the strength and focus to continue expanding the business, providing high quality enzymes for the Indian market”, Biocon’s chairman of the board, Kiran Mazumdar-Shaw said in a statement. “At the same time Biocon can continue its strategic focus within the biopharmaceutical business.”
The transaction is likely to be completed around October 2007, Novozymes said.
Novozymes entered the Indian enzyme market in 1987 and has gradually increased its activities and asset base in India. The company says it is currently in the process of establishing research and development facilities in Bangalore.
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