US to lead Biocon Biologics' drive towards $1 billion revenue - (Business Standard via NewsPoints Desk)

  • Business Standard reported that Biocon's biologics unit, which posted revenue growth of 31% for the December quarter, will continue to be the company's growth driver for the rest of the year, according to managing director Kiran Mazumdar-Shaw.

  • Christiane Hamacher, chief executive of the subsidiary, noted that the US will be the biggest driver to achieve a revenue target of $1 billion by the 2021-2022 financial year for the biologics business, followed by Europe and other global markets.

  • "What is really encouraging is that a double-digit market share from biosimilar molecules in the US is achievable," Hamacher said, adding "there is a much more disciplined play (in the US) when it comes to price and price erosion."

  • Biocon recently sold 2.44% in the biologics arm for around $75 million to private-equity firm TrueNorth. 

  • The company, which is planning to float an initial public offering in the next three years, is looking to raise $200 million to $300 million in total, the news source said.

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