Biocon's Marketing Chief Quits To Join Mylan

Jan 2 2014, 8:38am CST | by

Biocon's Marketing Chief Quits To Join Mylan
Photo Credit: Forbes Business

Bangalore-headquartered biopharma firm Biocon hasn’t had the best start to the new year. The company announced Thursday that its marketing chief Rakesh Bamzai has resigned after 19 years with the organization. The news triggered a fall in Biocon’s shares which ended 2% lower at the close of trading.

Bamzai’s departure comes after a reorganisation within Biocon last year; he was reportedly tipped as a CEO candidate. The company is run by founder Kiran Mazumdar-Shaw who features among India’s richest and also ranks among the world’s most powerful women. She recently joined the board of Infosys which itself saw a top-level departure when director and former CFO V.Balakrishnan resigned in December. (He has since joined the Aam Aadmi Party led by anti-corruption crusader Arvind Kejriwal, newly installed as Delhi’s chief minister)

Speaking to Forbes, Mazumdar-Shaw disclosed that Bamzai’s exit was brewing for a few months but the parting was amicable.“Rakesh got a great career opportunity and we didn’t want to come in the way of his advancement.” Bamzai’s responsibilities will be handled by COO Arun Chandavarkar until a replacement is found.

While no details were forthcoming on Bamzai’s next assignment in the official press statement, the company veteran, who is well regarded within India’s pharma sector, is joining the $6.8 billion (revenues) Mylan as president in charge of India and emerging markets. He will be reporting to Harry ‘Hal’ Korman, Mylan’s chief operating officer. Mylan’s global president Rajeev Malik is also of Indian origin.

Biocon and Mylan have an ongoing collaboration that dates back to 2009 when the companies signed a pact to develop high-value generics which was expanded last year to include insulin. They recently secured Indian regulatory approval for a clone of Roche’s breast cancer drug Herceptin. Mylan on its part has made a big bet on India, a market it entered in 2007. Since then it has made a string of acquisitions, the last being the $1.6 billion purchase of Agila Specialities, a unit of pharma firm Strides Arcolab. It has fourteen factories in the country and employs 11,000 people.

Source: Forbes Business

 
 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

One infant dies in Pakistan hospital
Islamabad, Nov 23 (IANS) One more infant died due to lack of oxygen in an incubator and negligence of the hospital administration in Pakistan, bringing the number of such deaths to 19 in the past five days.
 
 
American whiskey faces challenge in whisky-gulping India
Washington, Nov 23 (IANS) For the most part Indians love things American, but when it comes to their tipple, the world's largest whisky drinkers usually go for Scotch or their very own home-made brands.
 
 
Tiny shrimps hold clue to alien life
Washington, Nov 23 (IANS) A tiny shrimp residing at one of the world's deepest undersea hydrothermal vents holds clues about what life could be like on other planets, NASA scientists report.
 
 
What causes discomfort among users of contact lenses
Melbourne, Nov 23 (IANS) If you are not comfortable wearing contact lenses, it could be due to degradation of the lipid layer in the eyes' natural tear film, says a study.
 
 
 

Latest from the Network

A8 Chip of iPhone 6 and iPhone 6 Plus Can Handle 4K Videos
The outstanding features of the A8 chip are continuing to be revealed, as the processor is found to have the capability of playing 4K videos on the new iPhone 6 and iPhone 6 Plus.According to Mac Rumors, the fact has...
Read more on Apple Balla
 
One infant dies in Pakistan hospital
Islamabad, Nov 23 (IANS) One more infant died due to lack of oxygen in an incubator and negligence of the hospital administration in Pakistan, bringing the number of such deaths to 19 in the past five days. The death...
Read more on Business Balla
 
American whiskey faces challenge in whisky-gulping India
Washington, Nov 23 (IANS) For the most part Indians love things American, but when it comes to their tipple, the world's largest whisky drinkers usually go for Scotch or their very own home-made brands. Indians...
Read more on Business Balla
 
Tiny shrimps hold clue to alien life
Washington, Nov 23 (IANS) A tiny shrimp residing at one of the world's deepest undersea hydrothermal vents holds clues about what life could be like on other planets, NASA scientists report. These tiny shrimps in the...
Read more on Business Balla
 
Katy Perry hits back at Australian media
Los Angeles, Nov 23 (IANS) Singer Katy Perry has called the paparazzi in Australia "perverted" and "disgusting" for following her along the beach and for asking her to pose during her visit to the country for her...
Read more on Celebrity Balla
 
Tiger Woods gets new swing coach
Miami, Nov 23 (IANS) Former World No.1 golfer Tiger Woods said that he has named Chris Como as new swing coach. Como is the fourth swing coach for Woods since the American turned professional in 1996, reports Xinhua...
Read more on Sport Balla
 
All's not well between Kourtney Kardashian, Scott Disick
Los Angeles, Nov 23 (IANS) Pregnant reality TV star Kourtney Kardashian has hinted at a relationship strife with partner Scott Disick by posting a cryptic message-based image on a social media platform. The 35-year-...
Read more on Celebrity Balla
 
$1 Samsung Galaxy S5 Best Buy Black Friday Deal is on Sale Now
Best Buy has released a new set of deals on Sunday 11/23 including a deal advertised in the Best Buy Black Friday 2014 Ad. The $1 Samsung Galaxy S5 Black Friday deal is now on sale at bestbuy.com.The regular price of...
Read more on Apple Balla
 
What causes discomfort among users of contact lenses
Melbourne, Nov 23 (IANS) If you are not comfortable wearing contact lenses, it could be due to degradation of the lipid layer in the eyes' natural tear film, says a study. Patients with discomfort showed degradation...
Read more on Business Balla
 
Rosetta's comet landing captured in 3D
London, Nov 23 (IANS) A stunning 3D image generated from data collected by Rosetta Lander Imaging System (ROLIS) aboard the European Space Agency's Philae lander shows what it would look like to fly over the surface of...
Read more on Business Balla