Decision on merger with Biocon Biologics soon, says Siddharth Mittal

We are talking about the GLP-1 opportunity and our strong franchise in insulins. There is a huge demand in the global diabetes-obesity segment, said Siddharth Mittal

Biocon successfully raised ₹4,500 crore through a qualified institutional placement (QIP) last week that saw strong interest from both Indian and global investors. It is also considering a merger of Biocon Biologics with Biocon to tap into business and scientific synergies rather than listing Biocon Biologics. In a virtual interaction with Sohini Das, Siddharth Mittal, chief executive officer (CEO) and managing director (MD) of Biocon outlined his plans. Edited excerpts: 

 

Your QIP was successful. What do you plan to do with the proceeds?

 

There was very strong investor demand. The Board had approved raising up to ₹4,500 crore in one,