Kiran Mazumdar-Shaw, founder and chairperson of Biocon, said on Tuesday that she plans a phased leadership transition over the next five years, with her niece Claire Mazumdar expected to eventually take over as chair.
Claire is the founding chief executive of Bicara Therapeutics, an oncology-focused biotech firm incubated with early backing from Mazumdar-Shaw and listed in 2024.
"I am not hanging up my boots anytime soon, but I want Claire to succeed me in a very phased manner," Mazumdar-Shaw told Reuters in a phone interview, adding that the transition would move step by step from director to vice-chair and eventually chair.
Mazumdar-Shaw founded Biocon in 1978 and is known to have started the company in a garage in the southern Indian city of Bengaluru.
Today, it is one of the world's leading biosimilars manufacturers, with a market capitalisation of 585.21 billion rupees ($6.14 billion), according to LSEG-compiled data.
Biocon derives a significant share of its revenue from the U.S. and European markets and has a portfolio of more than 30 biosimilars, 12 of which have been launched commercially, with more in development.
Biosimilars are lower-cost versions of complex biological drugs used to treat illnesses such as cancer, rheumatoid arthritis, psoriasis and diabetes. Biocon was among the earliest companies to develop biosimilar insulin.
"I want to make sure that the family legacy continues as long as we have this large stake (in Biocon)," Mazumdar-Shaw said, adding that her family members have been on the company's board. She holds a 29.92% stake in Biocon, per data from Refinitiv Workspace.
Prior to founding Bicara, 37-year-old Claire led business development and corporate strategy at Rheos Medicines and worked at Third Rock Ventures, focusing on company formation. She holds a PhD in cancer biology from Stanford School of Medicine.
"Claire's very aligned with my thinking (for company's future)," Mazumdar-Shaw said, adding that her niece will continue to play a role at Bicara during the transition.
The succession plan was first reported earlier in the day by Fortune India magazine.
