Biocon Biologics CEO Makes Surprise Exit
Retired Company Veteran Chandavarkar Back At Helm
The CEO of Biocon’s biosimilars subsidiary has unexpectedly departed the role. Management stresses there is no disruption to its "strategic intent", but COVID-19 has "dampened" the arm’s push to reach its aspirational $1bn revenue target by 2022.
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Biocon and Viatris have landed their second biosimilar insulin approval in Europe, for a rival to Novo Nordisk’s NovoRapid (insulin aspart). Analyst reaction was lukewarm considering the “disappointing” launch of insulin glargine in Europe more than two years ago.
Indian company Biocon is aiming to “deliver substantial savings to healthcare systems” by enhancing access to and availability of oncology biosimilars in 25 countries in Africa and five countries in Asia, covered under the Cancer Access Partnership, led by the Clinton Health Access Initiative.
Public Company Edition: 2020 started with two $200m-plus initial public offerings plus five health care-focused special purpose acquisition corporations IPOs. Also, a Pfizer initiative backs three public companies, Fate’s $432m offering led recent FOPOs and Biocon Biologics receives more investment.