Peter Bains steps down as Group CEO of Biocon, to serve Syngene's MD & CEO

Don't want to miss the best from Business Standard?

According to a regulatory filing with BSE, Peter Bains has stepped down as chief executive officer of Biocon Group, effective April 1. He will be serving as Syngene International’s managing director and chief executive officer for a tenure of two years.

 

Furthermore, Biocon has scheduled a board meeting on April 4 to discuss and approve fundraising for its commercial business.

 

Biocon stock was up 1.2 per cent on BSE on Wednesday, while Syngene stock was up 0.89 per cent on BSE.

 

Peter Bains, with over 30 years of global experience in biopharmaceuticals, was appointed group chief executive officer of Biocon in September 2023. Bains holds a bachelor's degree in science from the University of Sheffield and previously served as chief executive officer of Syngene International, where he led its public listing in 2015. He has also held leadership roles at Sosei Group and GlaxoSmithKline. In December 2022, he rejoined Biocon as an independent director before being appointed chief executive officer.

 

In Q3FY25, Syngene reported a 17.58 per cent year-on-year increase in consolidated net profit, reaching Rs 131.1 crore, up from Rs 111.5 crore in Q3FY24. Revenue from operations grew 10.57 per cent year-on-year to Rs 943.7 crore during the same period.

 

In March, Biocon subsidiary Syngene International announced the acquisition of its first biologics facility in the US from Emergent Manufacturing Operations Baltimore, a unit of Emergent BioSolutions. The facility, which includes multiple monoclonal antibody manufacturing lines, was acquired for $36.5 million.