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Rakesh Bamzai, President of Marketing at Biocon Ltd, has quit the company.
His exit comes a few months after the biotechnology company hired consulting giant McKinsey to create a new organisational structure to help it achieve its ambitious sales target of $1 billion by FY-18.
When contacted, a Biocon spokesperson denied the development.
Sources in Biocon told Business Line that Bamzai put in his papers earlier this week as he was unhappy with his new role. He was asked to head the active pharmaceutical ingredients (API) business as a part of McKinsey's restructuring process.
Sources added the Board and the top management of Biocon are yet to decide on his move. Bamzai is an old timer with Biocon and has been with the company for the last 18 years. He has played an important role in globalising Biocon in all major markets, including the US and Europe, from where it gets bulk of its revenues.
Biocon has reorganised itself to focus on five key business verticals — small molecules comprising complex APIs, biosimilars including affordable insulins and MAbs (monoclonal antibodies), novel molecules including biologicals for diabetes and autoimmune diseases, and value added generics and branded formulations — in addition to integrated research services through its subsidiary Syngene.
This restructuring has so far yielded benefits with contract research posting a 46 per cent growth or Rs 188 crore in revenues compared with the corresponding period last year.
> venkatesh.ganesh@thehindu.co.in
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