Biocon says not evaluating divestment options for API business

Biocon shares on Friday ended 1.25 per cent down at Rs 251.60 apiece on the BSE.

Biotechnology major Biocon on Friday said it is not evaluating divestment options for its API business.

In a regulatory filing, the Bengaluru-based company said it is "neither evaluating any divestment options for its API business nor consulting any bankers for this." The Active Pharmaceutical Ingredient (API) business is a strategic business segment of the company and a key growth driver for the company’s small molecules business, a company spokesperson said.

"Biocon continues to strengthen this business and has an ongoing investment of over half a billion dollars in capex and R&D," the filing said. The company has a strong pipeline of niche fermentation-based APIs, peptides and high potent API products for the near- and long-term growth of its integrated APIs and generic formulations business, it said. Biocon shares on Friday ended 1.25 per cent down at Rs 251.60 apiece on the BSE.