Biocon mulls merger with subsidiary

Bangalore-based pharma company Biocon is mulling merging its wholly-owned subsidiary Biocon Biopharmaceuticals with the parent company. Biocon Biopharmaceuticals was established as a joint venture with a Cuban partner in 2003 to provide manufacturing support for biopharmaceuticals, and then became a wholly-owned subsidiary of Biocon in April 2010. The decision will be taken on July 25 in a meeting of the Board of Directors of the company, a day before the company’s Annual General Meeting, Biocon said in a statement to the BSE.