Biocon chair sees margins rising post divestment of German unit

BANGALORE: Indian biotechnology firm Biocon Ltd expects operating margins to rise after the divestment of its stake in German unit AxiCorp, Chairwoman Kiran Mazumdar-Shaw told a television channel on Thursday.

Operating margins were at 22 percent in the fourth quarter, but came in at 32 percent when excluding AxiCorp.

The total value of the divestment of AxiCorp was 40 million euros ($58.2 million), Shaw said. In 2008, Bangalore-based Biocon had agreed to buy 70 percent of German marketing firm AxiCorp for $43.7 million to boost its business in overseas markets.