Biocon to buy out Cuban firm's stake in unit

Biocon to buy out Cuban firm's stake in unit
Mon Apr 5, 2010 5:43pm IST

MUMBAI (Reuters) - Biocon, India's top listed biotechnology firm, said
it had entered into an agreement to buy the remaining 49 percent stake
in its biopharmaceuticals unit from joint venture partner, Cuban firm CIMAB.

Biocon, based in Bangalore, holds a 51 percent stake in Biocon
Biopharmaceuticals, as per the joint venture agreement with CIMAB in 2002.

Biocon did not provide any financial details of the stake buy that will
make the unit its wholly owned subsidiary.

The company on Monday said it would continue its partnership with CIMAB
for research, development and commercialisation of a range of
biopharmaceutical products.

Shares in Biocon, which makes insulin, cholesterol-lowering statins and
other branded drugs, ended 2.7 percent higher at 303.85 rupees in the
main Mumbai market that closed up 1.4 percent.

(Reporting by Sumeet Chatterjee; Editing by Aradhana Aravindan)

http://in.reuters.com/article/businessNews/idINIndia-47452520100405