Biocon park gets special economic zone status

The government has accorded special economic zone (SEZ) status to 'Biocon Park' located at Bommasandra in Bangalore.

Addressing a press conference to announce company's second quarter financial results, here on Wednesday, Kiran Mazumdar Shaw, chairman and managing director, Biocon Limited, said this will be beneficial as it will bring a tax advantage for up to ten years.

Biocon Park, spread across 90 acres, houses manufacturing facilities for statins, immuno-suppressants, recombinant insulin, monoclonal antibodies and research services like Syngene and Clinigene.

"SEZ tax concession is better than export oritented units (EOU) status as this will come to an end by 2009, where as SEZ concession will be applicable for 10 years from 2006 and is to come into effect from the beginning of financial year 2006-07," said Murali Krishnan, president-finance, Biocon Limited.

Talking about company's progress made in research and commercialisation, Shaw said Biocon was making good progress on discovery-led research programmes in diabetes and oncology.

"Pre-clinical studies for oral insulin (IN105) are in progress and data was presented for the first time at the EASD (European Association for the Study of Diabetes) meet. Investigational new drug (IND) for oral insulin is expected to be submitted to the Indian authorities by the end of this fiscal," Shaw said. "We are on the track to complete phase IIb clinical trials for our epidermal growth factor receptor (EGFR) anti-body, Biomab EGF, by the year end," she added. At EASD (European Association for the study of diabetes) meet held at Athens, Biocon and Nobex presented pharmaco-kinetic dog data on orally delivered IN105 as a proof of concept study.