Biocon corrects over 5% in two sessions

Biocon fell 1.32% to Rs 284.95, extending losses for second straight session.

The stock has fallen 5.34% in two sessions from a recent closing high of Rs 301.05 recorded on 3 January 2019.

The counter clocked 1.11 crore shares on the NSE, compared with average daily volume of 37.29 lakh shares in the past one quarter.

Biocon after market hours on Tuesday announced that it has appointed M.B. Chinappa as chief financial officer (CFO) of its subsidiary Biocon Biologics India. Chinappa joins Biocon Biologics from Biocon's subsidiary company Syngene International, where he was President (Finance) and CFO since 2008.

During trading hours on Tuesday, Biocon informed that True North will invest Rs 536.25 crore in Biocon Biologics for a 2.44% stake. The deal values Biocon Biologics at about $3 billion. Post the completion of this transaction, Biocon will hold 96.07% stake in Biocon Biologics.

Biocon is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune. It is a leading global player for high quality biosimilars, APIs including statins, immunosuppressants and specialty molecules.

The drug maker's net profit fell 39.2% to Rs 215.70 crore on a 19% increase in net sales to Rs 1572.20 crore in Q2 September 2019 over Q2 September 2018.

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