Biocon Biologics slips ~6% after CFO Indranil Sen steps down

15 Mar 2024 , 02:28 PM

Biocon Biologics slips ~6% after CFO Indranil Sen steps down

Biocon’s shares tumbled more than 6% to ₹250.3 in Friday’s session after the company announced that its chief financial officer (CFO), Indranil Sen, had resigned effective March 15, 2024.

Indranil Sen has resigned to seek possibilities outside of the organisation. He was removed of his obligations by the end of business hours on March 14, 2024, according to the company’s regulatory filing.

At around 2.20 PM, Biocon was trading 5.12% lower at ₹253.70, against the previous close of ₹267.40 on NSE. The counter touched an intraday low of ₹250.25.

Meanwhile, the company said that Eris Lifesciences, a chronic therapy-focused pharma manufacturer, has bought its subsidiary Biocon Biologics’ India-branded formulation division for ₹1,242 Crore.

Biocon Biologics’ India branded formulation business generates ₹360 Crore in sales and is valued at 3.4 times that much.

Basalog and Insugen collectively contribute ₹100 Crore each to the total of ₹360 Crore. Both the oncology and critical care categories each contribute ₹80 Crore. Within the oncology portfolio, there are nimotuzumab, a novel biologic medication, along with biosimilars of trastuzumab and bevacizumab.

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