Biotechnology major Biocon Ltd on Monday (September 18) said its board has given the approval to appoint Peter Bains as the group CEO, effective from September 18, 2023.

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In his new role, Bains will report directly to Biocon Group Chairperson Kiran Mazumdar-Shaw, according to a stock exchange filing,

To take on this strategic executive role, Bains has stepped down from his previous position as an independent director on the Biocon board, effective immediately.

He has over 30 years of global experience in strategic and operational leadership, including at the board, CEO, and senior corporate levels. He served as CEO and on the board of Syngene International Ltd, a subsidiary of the company, for almost six years from 2010, and led the company to its successful public listing in 2015, Biocon said.

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Bains had also served as CEO of Sosei Group, a Japanese-listed biopharmaceutical company. Prior to this, he worked with GlaxoSmithKline over a period of 23 years, where he held several roles, including head of global marketing and senior vice-president of commercial development for GSK's international region.

Currently, he is the non-executive director on the board of Indivior PLC, a UK FTSE listed pharmaceuticals company, MiNA Therapeutics, a privately-held UK biotech company, Apterna, a privately-held UK biotech firm and non-executive chairman of ILC Therapeutics, a privately-held Scottish biotechnology firm.

This appointment comes at a pivotal moment for Biocon as it enters a phase of dynamic growth across its three core businesses: Biocon Biologics, Biocon Generics, and Syngene.

Siddharth Mittal, CEO and MD of Biocon, Shreehas Tambe, CEO and MD of Biocon Biologics, and Jonathan Hunt, CEO, and MD of Syngene International, will continue to have independent charge of their businesses and will work with Peter Bains to strengthen synergistic strategic leadership at a group level, Kiran Mazumdar-Shaw said.

"Peter has a unique fit and profile for the role having both extensive global leadership experience and success across the biopharmaceutical field and a comprehensive understanding of the Biocon Group, having led Syngene for five years, taking it through its very successful IPO in 2015," Mazumdar-Shaw added.

Shares of Biocon Ltd ended at Rs 273.05, down by Rs 3.80, or 1.37 percent, on the BSE.

(Edited by : Shoma Bhattacharjee)

First Published:Sept 18, 2023 7:47 PM IST