Biocon India to list by mid-2002

New Delhi, May 16: Biotechnology major Biocon India is planning to enter the capital market by the middle of next year to raise money for its proposed expansion and to get listed at domestic bourses.

“We are hopeful of listing on the domestic bourses by mid next year,” Biocon chairman and managing director Kiran Mazumdar Shaw said adding that the company would consider an overseas listing eventually.

She said company promoters will induct fresh equity through the public offer but refused to divulge any further details on promoter’s holding and issue size.

Biocon is closely held by Shaw family with its employees holding a minor stake through employees stock option plan (ESOP).

“The listing exercise is aimed at giving value to our stock and especially ESOP holders,” she said, apart from funding its expansion programme including research and development facility upgradation.

“We will treble our exisiting R&D lab as a part of this expansion,” she added.

Biocon was very keen on US and European markets, Ms Shaw said, and that the company would set up its subsidiary in USA by August this year.

In line with its expansion plan, Biocon was also eyeing tie-ups for marketing and R&D with overseas companies having synergy.

Ms Shaw said company was also expanding its pharmaceutical product range and was in the process of developing a cholestrol controlling molecule.

She said Biocon India was also very keen in the field of immunosuppressents and recently recieved US Food and Drug Administration approval for Lovastatin, the patent of which expires shortly. Biocon group, which has a combined turnover of Rs 200-crore, is involved in research on industrial enzymes, contract research and pharmaceuticals. (PTI)