Biocon eyes $1 bn revenue in next 3 fiscals

Biotechnology major Biocon today said it aims to achieve revenues of $1 billion in the next three years.

"Our target is to do it in the next three fiscals," Biocon Chairman and Manging Director Kiran Mazumdar Shaw told PTI on the sidelines of an event here to announce the dates and details of India Bio 2012.

Speaking about the future plans, Shaw said, "We see ourselves among the top 10 global biotechnological companies in the world."

On the main drivers of future growth, she said, "Our main emphasis is on the chronic diseases. The main emphasis is on diabetes, cancer and auto immune diseases."

The company also has plans to list its contract research and manufacturing services arm Syngene.

"It will be done in the next 18 months. We need to see sustained growth over four quarters before we do it," she said.

She did not divulge further details of IPO saying that it is "too early for that".

Last year the company had forayed into Malaysia and is in the process of setting up a bio manufacturing and R&D facility at Bio-Xcell, a biotechnology park and ecosystem in Iskandar Malaysia, Johor with an investment of $161 million (about Rs 715 crore) in the first phase.

Shares of Biocon today closed at Rs 335.15 on the Bombay Stock Exchange (BSE), up 0.92% from its previous close.