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Siddharth Mittal replaces Arun Chandavarkar as Biocon CEO and Jt MD

Mittal has been serving as Biocon’s chief financial officer (CFO) since August 2014.

December 03, 2019 / 11:58 AM IST

Biocon, on December 3, elevated Siddharth Mittal as the chief executive officer and joint managing director of the company.

Mittal has been serving as Biocon’s chief financial officer (CFO) since August 2014.

Mittal replaces Arun Chandavarkar who, after 29 years of service, retired as the CEO and Joint MD of Biocon on November 30.

Mittal has been a core member of the leadership team at Biocon since May 2013 and has played an instrumental role in the company's biosimilars success story. He played a crucial role in restructuring of the biosimilars business into Biocon Biologics with an objective to unlock value for Biocon’s shareholders.

"He also played a pivotal role in managing global collaborations. As the CFO, he has successfully created a compelling Shareholder Value Proposition for Biocon over the last six years, including value unlocking of Syngene which was listed on the Indian capital markets in 2015," the company said.

Mittal has over 20 years of global and diversified experience in the fields of general management, strategic finance and accounting, mergers and acquisitions, taxation etc.

“I am very pleased to welcome Siddharth as CEO & Joint MD of Biocon. Siddharth’s strong leadership qualities, comprehensive understanding of various aspects of the business, deep financial insights and robust operational experience make him an excellent fit for the role of CEO to lead Biocon through its next phase of growth,” Biocon Chairperson Kiran Mazumdar-Shaw said.

“It(Biocon) is at an inflection point where it is well positioned to create value for its shareholders by unlocking the potential of various business segments," Mittal said.

"Post the creation of Biocon Biologics as a wholly owned subsidiary, I now look forward to generating value for our stakeholders by focusing on our Small Molecules business with an aim to further strengthen our portfolio of complex APIs and Generic Formulations in key global markets,” he added.
Viswanath Pilla is a business journalist with 14 years of reporting experience. Based in Mumbai, Pilla covers pharma, healthcare and infrastructure sectors for Moneycontrol.
first published: Dec 3, 2019 11:58 am

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