Biocon Ltd said on Tuesday it has appointed Siddharth Mittal as chief executive officer and joint managing director, in another instance of the biotechnology company elevating an insider to the top post.
Mittal replaces Arun Chandavarkar, who retired on November 30, Biocon said in a stock exchange disclosure.
Chandavarkar had joined Biocon in 1990 and was appointed CEO and joint MD in 2014.
Mittal had joined Biocon's core leadership team in 2013 and was appointed chief financial officer the following year. As the CFO, he helped take Biocon’s research and development arm, Syngene, public in 2015. He also played a major role in driving Biocon's biosimilar goals including restructuring of the biosimilars business into Biocon Biologics, the statement said.
Mittal said in the statement that he aims to focus on the company's small molecules business to strengthen its portfolio of complex active pharmaceutical ingredients and generic formulations in key global markets.
Mittal, a graduate of Pune’s Symbiosis College of Arts and Commerce, had worked with US-based IT firm Symphony Teleca before joining Biocon.
“Siddharth’s strong leadership qualities, comprehensive understanding of various aspects of the business, deep financial insights and robust operational experience make him an excellent fit for the role of CEO to lead Biocon through its next phase of growth,” said Kiran Mazumdar-Shaw, chairman and managing director, Biocon.
Biocon was listed on the stock exchanges in 2004, and has been incubating businesses within its fold. It divested its enzymes business in 2007 and listed Syngene in 2015.
In its annual report for 2018-19, Biocon said it was consolidating the development, manufacturing and commercialization operations of its biosimilars business under Biocon Biologics with its own dedicated management. Christiane Hamacher was appointed as CEO of Biocon Biologics earlier this year.