Biotechnology major Biocon Ltd. on Monday announced the transfer of the company's biosimilars business to its biologics subsidiary.
The broad approved the transfer of share by way of a slump sale to Biocon Biologics Ltd., a wholly owned subsidiary of Biocon, the company said in an exchange filing. The transaction is subject to the requisite regulatory and statutory approvals and shareholder consent.
Biocon is currently facing issues with its biosimilars products, after the European Medicines Agency (EMA) had asked it to withdraw applications for trastuzumab and pegfilgrastim until the Bengaluru-headquartered company fulfilled procedural requirement linked to re-inspection.
The company had said it is in the process of completing “corrective and preventive actions” by the end of the quarter ending September.
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