Novozymes buys Indian Biocon for USD 102 mio

The Danish enzymes maker Novozymes AS has agreed to buy the enzymes business of India’s Biocon Limited for the rupee equivalent of USD 102 million (DKK 551 million).

Biocon is one of India's leading biotechnology companies, specialising in biopharmaceuticals, contract research, clinical research and enzymes. The company also has interests in the application of enzymes in the pulp and paper industry, although this is not the prime business reason for Novozymes making the acquisition.

As stated in the Novozymes press release, "India is an attractive market for Novozymes. There has been strong growth in the Indian enzyme market in the past years driven by macro economic developments. Enzyme use is still in its infancy, but growing awareness of enzyme potential and benefits make for attractive growth perspectives. The expected growth in the Indian enzyme market is more than 15% p.a. over the next 10 years."

Biocon and Novozymes´ current Indian business units are based in Bangalore, India and it is expected that 150 employees are expected to join Novozymes from Biocon. The transaction is expected to be completed by October 2007.