Biocon plans overseas listing

By agencies   |   Thursday, 22 December 2005, 08:00 Hrs
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BANGALORE: India's top biotech company Biocon is looking to go in for listing of its stocks overseas within two years, Chairman and Managing Director Kiran Mazumdar-Shaw said. "Not immediately but we are looking for about a two-year timeframe (for overseas listing)," Mazumdar-Shaw said. She wouldn't say at this stage whether the Bangalore-based company would go in for listing on a U.S. bourse or European. "It would depend on a lot of factors. But obviously when biotech companies go for listing, they will go generally for U.S. listing," Mazumdar-Shaw said. "Unless, we have some strategic reasons for doing it elsewhere (not in U.S.)." She said Biocon's bid to acquire the intellectual property assets of its research and development partner Nobex Corporation will take several months. "Based on progress made till date, Biocon does not anticipate any disruption to its ongoing oral insulin research program, licensed from Nobex," according to Biocon. Biocon’s investment in Nobex was $1million in Common Stock and $4.8 million in convertible loans. Mazumdar Shaw said: "In the meantime (till Biocon is able to acquire IP assets of Nobex), we will just progress our other program that we have with them (Nobex) which we have been doing on our own for quite a few months."