Biocon to fully integrate Biocon Biologics in $5.5-billion deal

Biocon will fully integrate its unit, Biocon Biologics, as a wholly owned subsidiary, valued at $5.5 billion. The move drops earlier IPO plans, simplifies the group structure, and strengthens the consolidated balance sheet. "An IPO would not have captured the true intrinsic worth of Biocon Biologics given prevailing debt levels," Executive Chairperson Kiran Mazumdar-Shaw said.