Biocon Says Not Evaluating Divestment Options For API Business

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

In a regulatory filing, 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% down at Rs 251.60 apiece on the BSE.