Biocon profits jump 51 %

Biocon profits jump 51 %

India's leading biotechnology firm Biocon Ltd. said its quarterly profit rose 51 percent on year as growth in its contract research and enzymes businesses added to pharmaceutical growth.

The Bangalore-based firm said July-September consolidated net profit was 560 million rupees compared to 370 million a year ago. Revenue rose 25 percent to 1.89 billion rupees from 1.51 billion.

Biocon, which went public earlier this year, started out making industrial enzymes, but later diversified into ingredients for the statin class of cholesterol-lowering drugs, as well as immuno-suppressants and drugs to treat diabetes.

Biocon announced on Wednesday that it had entered into a collaboration with U.S.-based Nobex Corporation to develop an oral insulin product to treat diabetes. Biocon also said it had the option to buy Nobex equity.

The bulk of Biocon revenue comes from the pharmaceuticals business, which grew 19 percent to 1.47 billion rupees. Revenue from contract research rose 58 percent to 150 million rupees, while the enzymes business rose 50 percent to 240 million rupees.

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