In a strategic move, Biocon Biologics Ltd, a subsidiary of Biocon Ltd, on Thursday (October 19) said the company has appointed Kedar Upadhye as the new Chief Financial Officer (CFO). The transition will take effect on October 31, 2023, as part of the pharma company's ongoing efforts to strengthen its leadership team, as per its stock exchange filing.

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MB Chinappa, the current CFO of Biocon Biologics, who has been instrumental in the company's remarkable growth, will transition to a strategic finance role within the Biocon Group.

His contribution to the company over the past years has been significant, including securing over $500 million in private equity investment and orchestrating the company's major acquisition of Viatris' global biosimilars business in 2022.

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His work was also pivotal in forging a strategic vaccine partnership with the Serum Institute of India. Chinappa's impressive career at Biocon spans over two decades. He joined the Biocon Group in 1999 and played an integral role in the successful IPO of Biocon Ltd in 2004.

Later, he assumed the position of CFO at Biocon's research services subsidiary, Syngene, in 2008, where he oversaw a successful public listing in 2015. In 2020, he joined Biocon Biologics as CFO and played a pivotal role in establishing the finance function and driving strategic initiatives within the company.

With his extensive knowledge and experience in the Biocon Group, spanning multiple businesses and strategic initiatives, Chinappa will transition to a new strategic finance role. He will work closely with Peter Bains, the recently appointed Group CEO of Biocon, to continue contributing to the group's growth and success.

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Shares of Biocon Ltd ended at ₹235.35, down by ₹3.20, or 1.34 percent on the BSE.