Biocon board approves sale of branded formulations business to subsidiary

Pharma firm Biocon Monday said it will sell Branded Formulations India (BFI) business on a 'going concern' basis to its subsidiary Biocon Biologics India Ltd for Rs 45 crore. The Board of Directors in its meeting approved the sale of Branded Formulations India (BFI) business to Biocon Biologics India (BBIL), the pharma company said in a BSE filing.

"The transfer of BFI business on slump sale basis will lead to consolidation of marketing and manufacturing activities relating to BFI business under a single entity with common leadership and achieve synergies/value accretion for the group," Biocon said. The company has fixed July 1, 2019, as the expected date of completion of the sale and the consideration to be received is Rs 45 crore.