No truth: Biocon on reports of firm planning sale of API business

Biocon told CNBC-TV18 there's no truth to reports claiming that the firm is planning to sell its $1.5-billion generic active pharmaceutical ingredient (API) business. A report in The Economic Times stated that discussions with investment banks took place but the sale is still on drawing board. The report further claimed the sale was due to Biocon's increased focus on biosimilars.