INDIA – The Board of Directors of Biocon, a global biopharmaceutical company, has approved the appointment of Peter Bains as the new Group Chief Executive Officer.
According to a press statement issued by the biopharmaceutical company, he will be reporting directly to the Biocon Group Chairperson, Kiran Mazumdar-Shaw.
The Biocon Board of Directors gave the green light to Peter Bains owing to his extensive global leadership experience and success across the biopharmaceutical field.
This diverse and multidisciplinary group of knowledgeable and experienced professionals provides the necessary expertise and guidance in the company’s journey of making a significant impact on global healthcare by increasing patient access through affordable innovation.
Commenting on this elevation, the Biocon Group Chairperson, Kiran Mazumdar-Shaw, said: “Biocon is entering a dynamic phase of growth for its 3 core businesses, Biocon Biologics, Biocon Generics, and Syngene, and for the Group as a whole. I am delighted to welcome Peter back to the Biocon Group in the role of Group CEO.”
Prior to his current stint at Biocon, Bains held a senior role on the Biocon Board of Directors as an Independent Director.
His appointment comes as Syngene, Biocon’s innovation-focused subsidiary, is expanding in the Genome Valley of the Indian state of Hyderabad.
Syngene has plans to inject nearly US$94,612,402 (Rs 788 crores) and create 1,000 additional jobs in the project over the next five years.
The aggressive expansion plan comprises the construction of 1,650,000 square feet of cutting-edge research laboratories spread over 17.5 acres.
It is a clear reflection of Biocon’s commitment to enhancing affordable access to complex therapies for chronic conditions such as diabetes, cancer, and autoimmune.
Notably, Bains has a comprehensive understanding of the Biocon Group, having led Syngene for 5 years, taking it through its very successful initial public offering (IPO) in 2015.
He has accordingly stepped down from his role on the Biocon Board as an Independent Director with immediate effect, to assume the strategic executive responsibility as Group CEO.
He is ideally suited to advance the integrated business goals of the Biocon Group of Companies and is in a position to do so while adding value for all stakeholders.
Under the tenure beginning on Monday, September 18, 2023, Bains has taken the reins as Group CEO of the Biocon Group.
He joins the Biocon leadership team comprising of Siddharth Mittal, CEO & Managing Director Biocon Limited, Shreehas Tambe, CEO & MD Biocon Biologics Ltd., and Jonathan Hunt, CEO & MD Syngene International Ltd.
“The mentioned executive leaders will continue to have independent charge of their businesses and will work with Bains to strengthen synergistic strategic leadership at a Group level to maximize the combined value of all 3 businesses,” confirmed Kiran Mazumdar-Shaw.