Biopharmaceutical major Biocon has elevated Chief Financial Officer Siddharth Mittal as its chief executive officer and joint managing director, with effect from December 1. Mittal had been serving as the company’s CFO since August 2014.
"Siddharth’s strong leadership qualities, comprehensive understanding of various aspects of the business, deep financial insights and robust operational experience make him an excellent fit for the role of CEO to lead Biocon through its next phase of growth. I am confident that in this new role he will build immense value for Biocon and its stakeholders,” said Kiran Mazumdar-Shaw, CMD, Biocon.
According to the company, Mittal has played an instrumental role in the biosimilars success story so far including the restructuring of biosimilars business into Biocon Biologics with an objective to unlock value for Biocon’s shareholders.
"Post the creation of Biocon Biologics as a wholly-owned subsidiary, I now look forward to generating value for our stakeholders by focusing on our Small Molecules business with an aim to further strengthen our portfolio of complex APIs and Generic Formulations in key global markets,” said Mittal, the newly appointed CEO & Joint MD, Biocon.
He has taken over from Arun Chandavarkar who retired on November 30, after 29 years of service to Biocon.