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Biocon Biologics Appoints M.B. Chinappa as Chief Financial Officer

Posted On: 2020-01-06 23:17:18

Biocon Ltd, (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceuticals company, today announced that it has appointed Mr. M.B. Chinappa as Chief Financial Officer (CFO) of its subsidiary Biocon Biologics India Ltd. (Biocon Biologics).

Biocon Biologics is a fully-integrated 'pure play' global biosimilars company dedicated to developing high quality, affordable biosimilars for patients across the world.

Mr. M.B. Chinappa joins Biocon Biologics from Biocon's subsidiary company Syngene International Ltd, where he was President (Finance) and CFO since 2008. Mr. Chinappa will be part of the Executive Leadership Team of the company and will enable Biocon Biologics' journey towards becoming a global leader in biologics. His immediate priorities will be to drive financial performance of the company, strengthen the finance function to support future growth, improve profitability and manage anticipated risks in the journey of achieving the USD 1 billion revenue target in FY22.

Dr. Christiane Hamacher, Chief Executive Officer, Biocon Biologics, said: "I am delighted to have Mr. M.B. Chinappa join as the CFO of Biocon Biologics at a time when we have set out on our journey to impact 5 million patient lives and achieve a revenue target of USD 1 billion by FY22. Mr. Chinappa has proven leadership skills and has played a key role in the value creation story of Biocon and Syngene in the past 20 years. I am sure with his expertise we will build immense value for Biocon Biologics as we progress towards transforming millions of patient lives across the globe."

Expressing his delight with the new role, Mr. M.B. Chinappa, CFO, Biocon Biologics, said: "I am extremely excited with the opportunity to be a part of this incredible journey of Biocon Biologics aimed at transforming patient lives by providing affordable access to innovative & inclusive healthcare solutions and establishing Biocon Biologics as a leading global player in biologics."

At Biocon, Mr. Chinappa was initially part of the finance team and also a member of its Core Committee. He was part of several strategic initiatives including raising private equity funds to finance Biocon's foray into biopharmaceuticals, Biocon's listing on the capital markets, obtaining Special Economic Zone status for Biocon Park and setting up the Joint Venture (JV) with CIMAB.

Subsequently, he moved to Biocon's research services subsidiary, Syngene, as the CFO in 2008 where he played a significant role in driving the growth of Syngene and making it an innovation focused global discovery, development and manufacturing organization providing integrated scientific services to its clients worldwide. Besides finance, he also oversaw other supporting functions like Supply Chain Management, IT, E&M and Legal. As a member of Syngene's Executive Committee, he played an important role in driving strategy, improving profitability, identifying new growth opportunities, improving cash generation and enabling organizational growth. He also led the highly successful Initial Public Offering (IPO) of Syngene in 2015.

Mr. Chinappa is a Chartered Accountant by qualification with over 28 years of experience in Corporate Finance, Planning, Treasury, Taxation, Risk Management and Assurance. Prior to joining the Biocon Group in 1999, he worked at ITC Ltd for 7 years.

Shares of BIOCON LTD. was last trading in BSE at Rs.288.3 as compared to the previous close of Rs. 301.05. The total number of shares traded during the day was 286471 in over 3143 trades.

The stock hit an intraday high of Rs. 302 and intraday low of 285.25. The net turnover during the day was Rs. 83404004.


Source: Equity Bulls

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