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Biocon to raise capital through private equity or IPO, says chairperson Kiran Mazumdar Shaw

Updated : January 25, 2019 04:22 PM IST
Biotechnology major Biocon on Friday the said the company will raise capital through private equity or initial public offering (IPO).

"Biosimilars business is very capital intensive and investment intensive in terms of R&D and we will need to raise capital either through private equity or IPO," said Kiran Mazumdar Shaw, chairperson and MD, Biocon.

"We have delivered the highest ever revenue and profit growth in absolute terms in Q3FY19, driven by strong business performance," she said.

"Our Biologics segment more than doubled in revenue and recorded an EBIT margin of 30 percent driven by increased penetration of our pegfilgrastim in the US small molecules, branded formulations and research services also registered a robust growth this quarter," Mazumdar-Shaw added.

Biocon on Thursday reported over two-fold jump in consolidated net profit to Rs 217.2 crore for the third quarter ended December 2018, mainly on account of strong performance of its biologics business.

Its consolidated revenue from operations stood at Rs 1,540.8 crore for the quarter, against Rs 1,057.9 crore.
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