Tag: Kiran Mazumdar Shaw

What is pink tax that Kiran Mazumdar-Shaw called out as ‘shameful gender bias’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As the financial year 2023-24 draws to a close, a relatively new type of tax has emerged in public discourse, capturing headlines. Referred to as the ‘Pink Tax,’ this phenomenon has garnered attention after Biocon Chief Kiran Mazumdar-Shaw shared a video, shedding light on its intricacies. The concept prompts an important question: What exactly does the pink tax mean?

While not as prevalent in India, the pink tax denotes the markup on goods and services specifically marketed towards women. However, men typically pay less for similar or identical products and services. The issue gained significant traction back in 2015 when the New York City Department of Consumer Affairs examined 794 products sold across the city, revealing numerous instances of gendered pricing discrepancies across various categories. Researchers have been studying and analysing this phenomenon since the 1990s.

A recent video shared by Kiran Mazumdar-Shaw on Twitter highlighted the difference in price points between products marketed towards men and women. For instance, the video showcased identical lip balms from the same company and size, with women being charged Rs 250 while men paid only Rs 165. Sharing the video on X, Kiran Majumdar Shaw said, “Pink Tax! A shameful gender bias that women must respond to by shunning such products!”

Pink Tax! A shameful gender bias that women must respond to by shunning such products! pic.twitter.com/U3ZQm2s7W9

— Kiran Mazumdar-Shaw (@kiranshaw) March 12, 2024

Citizens in the United States and several European countries vocally opposed the pink tax, advocating for its removal. To understand the underlying causes of this phenomenon, several factors have been proposed.

One suggested reason behind the pink tax is price elasticity, with the belief that women are more willing to pay higher prices for their purchases compared to men. Additionally, product differentiation plays a role, with slight modifications to products leading to higher costs. For example, a pink version of a product may cost more to produce than its standard counterpart.

The pink tax also extends to services such as haircuts and dry cleaning, where women often face higher prices than men for similar services. The variability in women’s clothing as compared to men’s is cited as a reason behind higher dry cleaning costs for women’s apparel.

The pricing due to the pink tax places an economic burden on women. It highlights the existing gender disparities, particularly in earnings. Recognising the detrimental impact of the pink tax, the United Nations has called for global efforts to eliminate this practice, aiming for equal participation of women in the economy.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IBLA 2023 19th Edition: Kiran Mazumdar-Shaw awarded Outstanding Business Leader of the Year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Biocon’s Kiran Mazumdar-Shaw was honoured as the Outstanding Business Leader of the Year at the 19th edition of CNBC-TV18’s India Business Leader Awards (IBLA), held in Mumbai on December 2.

In business, as in everything else, leadership extends beyond profit margins. It’s about transforming lives. Kiran Mazumdar-Shaw lives and breathes that mission every day.

An exceptional biotech entrepreneur, healthcare visionary and global influencer, she has nurtured and led Biocon from a small startup into a globally renowned and respected business with a footprint that covers over 100 countries.

Biocon is today India’s largest global Biosimilars Company, with revenues in excess of $1.4 billion and total assets worth over $6.5 billion. It has positively impacted 5.7 million lives by making life-saving therapies more accessible and affordable and innovating to increase treatment options.

Kiran Mazumdar-Shaw has spearheaded Biocon through crucial breakthroughs – it created the world’s first biosimilar Trastuzumab to treat breast cancer and is the first company in the world to commercialise a synthetic version of human insulin to battle diabetes.

Her four-decade long entrepreneurial journey has led her to not one, but two of India’s highest civilian honours: the Padma Shri, and the Padma Bhushan.

But Kiran Mazumdar-Shaw’s legacy goes beyond the lab and the boardroom — She is the first woman business leader from India to sign the Giving Pledge, and set aside a major portion of her wealth to assist transformative causes.

CNBC-TV18 celebrates Kiran Mazumdar-Shaw —a true pioneer, visionary leader, and inspiration.

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Forbes India’s 100 Richest 2023: Meet the women billionaires of India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Forbes India, on Thursday, October 12, released its annual list of the 100 richest Indians with a mix of several business tycoons from different industries. Reliance Industries chairperson Mukesh Ambani took the top spot yet again with a net worth of $92 billion, which is $4 billion more than last year.

Nine women billionaires also made it to the list with a cumulative wealth of $57.96 billion.

Among them, only Savitri Jindal of steel conglomerate OP Jindal group was among the top five richest Indians with a net worth of $24 billion. She is the only woman to have achieved such a feat. According to Forbes, she also saw the second-largest wealth gain this year with $7.6 billion.

Next at the 28th spot is Rekha Jhunjhunwala, the wife of the late Rakesh Jhunjhunwala—the Big Bull of India’s stock markets. She made her debut on the list as his replacement after he passed away in August 2022. Her current net worth as per Forbes is $7 billion. Their portfolio includes Titan, Star Health and Allied Insurance, and Metro Brands.

Vinod Rai Gupta of multinational electrical equipment company Havells India is ranked 30th along with her son Anil Rai Gupta. Their total net worth is $6.7 billion. The company was founded by her late husband Qimat Rai Gupta in 1958 and is currently active in over 60 countries.

Landmark Group’s CEO and chairperson Renuka Jagtiani takes the 44th spot on the list with a net worth of $4.8 billion. She took over her role after her husband passed away earlier in May this year. Jagtiani founded the Dubai-based company in 1973 and now has over 2,200 stores across 24 countries. It is also termed one of the biggest retail and hospitality conglomerates in India. Its subsidiaries include Max Fashion, Lifestyle, Splash and more.

Leena Tewari, chairperson of healthcare giant USV India is on the 45th rank with a net worth of $4.75 billion. Mallika Srinivasan, chairperson of Amalgamations group is best known for diesel engine maker Simpson & Co., and tractor manufacturer TAFE, is number 83 with a net worth of $2.84 billion.

On the 87th spot is Anu Aga with a net worth of $2.7 billion because of her majority stake in the listed engineering firm Thermax.

Nykaa founder Falguni Nayar saw her net worth decline by 35.05% this year, as per Forbes. Her net worth came down to $2.65 billion from $4.08 billion, also leading to a drop in 44 ranks on the list. The company was listed in November 2021, making her India’s richest self-made female entrepreneur.

Kiran Mazumdar Shaw, the founder and executive chairperson of Biocon is the last female on the list at 92nd rank with a net worth of $2.52 billion. She is also a recipient of Padma Shri and Padma Bhushan. She founded Biocon out of her garage in 1978.

Also Read: Forbes India Rich List 2023: A look at India’s wealth landscape as new faces, returning titans reshape the richest 100

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Biocon appoints Peter Bains as group CEO to drive ‘synergistic’ growth

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Biotechnology major Biocon Ltd on Monday (September 18) said its board has given the approval to appoint Peter Bains as the group CEO, effective from September 18, 2023.

In his new role, Bains will report directly to Biocon Group Chairperson Kiran Mazumdar-Shaw, according to a stock exchange filing,

To take on this strategic executive role, Bains has stepped down from his previous position as an independent director on the Biocon board, effective immediately.

He has over 30 years of global experience in strategic and operational leadership, including at the board, CEO, and senior corporate levels. He served as CEO and on the board of Syngene International Ltd, a subsidiary of the company, for almost six years from 2010, and led the company to its successful public listing in 2015, Biocon said.

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Bains had also served as CEO of Sosei Group, a Japanese-listed biopharmaceutical company. Prior to this, he worked with GlaxoSmithKline over a period of 23 years, where he held several roles, including head of global marketing and senior vice-president of commercial development for GSK’s international region.

Currently, he is the non-executive director on the board of Indivior PLC, a UK FTSE listed pharmaceuticals company, MiNA Therapeutics, a privately-held UK biotech company, Apterna, a privately-held UK biotech firm and non-executive chairman of ILC Therapeutics, a privately-held Scottish biotechnology firm.

This appointment comes at a pivotal moment for Biocon as it enters a phase of dynamic growth across its three core businesses: Biocon Biologics, Biocon Generics, and Syngene.

Siddharth Mittal, CEO and MD of Biocon, Shreehas Tambe, CEO and MD of Biocon Biologics, and Jonathan Hunt, CEO, and MD of Syngene International, will continue to have independent charge of their businesses and will work with Peter Bains to strengthen synergistic strategic leadership at a group level, Kiran Mazumdar-Shaw said.

“Peter has a unique fit and profile for the role having both extensive global leadership experience and success across the biopharmaceutical field and a comprehensive understanding of the Biocon Group, having led Syngene for five years, taking it through its very successful IPO in 2015,” Mazumdar-Shaw added.

Shares of Biocon Ltd ended at Rs 273.05, down by Rs 3.80, or 1.37 percent, on the BSE.

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Biocon Biologics expands footprint after taking over biosimilars business from Viatris in over 70 countries

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Biocon Biologics Ltd (BBL), a subsidiary of Kiran Mazumdar Shaw-led Biocon Ltd, on Wednesday announced that the company has completed the integration of the acquired biosimilars business in over 70 countries. The company said this deal is effective from July 1, 2023.

“Following the deal closure in November 2022, this marks the first wave of countries where Viatris’ operations have fully transitioned to Biocon Biologics. A robust integration plan has ensured a seamless transition of partners, people, systems, and processes across these countries,” the company said in its press release.

“We will work with existing and new partners to expand our footprint and strengthen our business presence in these countries.”

The existing commercialised portfolio of biosimilars now part of Biocon Biologics’ commercial organisation includes bTrastuzumab, bPegfilgrastim, bBevacizumab, bGlargine, bAspart, bAdalimumab, and bEtanercept.

The company believes that its in-class R&D capabilities, manufacturing, supply chain, and commercial & regulatory expertise will enable it to expand access to a diverse portfolio of biosimilars, and meet patients’ needs.

“Working closely with our partners, Biocon Biologics will now lead commercial operations in these markets and broaden access to patients with our differentiated portfolio of high-quality biosimilars,” said Shreehas Tambe, CEO & Managing Director, Biocon Biologics.

Susheel Umesh, Chief Commercial Officer of Emerging Markets, Biocon Biologics said: “This will allow Biocon Biologics to meaningfully expand the geographic reach of the existing biosimilars portfolio and future pipeline into growth markets where Viatris has existing sales infrastructure and local market expertise.”

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Biocon-Serum deal: Won’t raise stake for now but alliance not limited to Covid vaccines, says Adar Poonawalla

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Serum Institute of Life Sciences has increased its stake in Biocon Biologics Limited with an additional equity investment of $150 million. Going forward, Serum’s total aggregate equity investment in Biocon Biologics amounts to $300 million.

“$300 million is one of the largest investments made in a strategic alliance by us. We respect and admire the Biologics business built by Biocon,” Serum Institute of India Chief Executive Officer Adar Poonawalla said while speaking to CNBC-TV18.

The Serum Institute boss said he was optimistic about this business. “This would be a strategic partnership with Biocon Biologics. There may be future investment from other investors in Biocon Biologics but will not comment on increasing stake in Biocon Biologics,” he said.

Serum now has a 4.9 percent stake in Biocon Biologics. The two companies — Serum Institute of Life Sciences and Biocon Biologics — have agreed to restructure equity investment as part of their strategic alliance.

‘Adult vaccine market to grow up to 3 times in next 5 yrs’

Poonawalla also expects the adult vaccine market to grow two to three times in the next five years. “Alliance with Biocon Biologics is not limited to Covid-19 vaccines. Will look at the manufacturing of vaccines beyond Covid-19 with Biocon Biologics,” he said.

“Will watch other investors’ interest in the business,” he further said, adding that he is yet to decide which vaccines will be produced first.

Poonawalla said the company has struck a profit-sharing agreement with Biocon Biologics, depending on the vaccination made. Poonawalla expects that the company would see revenue and EBITDA coming out of this deal in a year’s time.

Poonawalla said the company has a 15-year horizon on the vaccine deal with Biocon Biologics.

As per the new arrangement, Biocon Biologics will have access to 100 million doses of vaccines annually together with the distribution rights to Serum’s vaccine portfolio, which will add to Biocon Biologics’ product portfolio for global markets.

“The new terms will serve the objectives of both the companies, as it provides Serum Institute of Life Sciences an aggregated equity investment in Biocon Biologics amounting to $300 million and provides Biocon Biologics additional product offerings for global markets,” Biocon said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Kiran Mazumdar-Shaw to retire from Infosys board; new lead independent director appointed

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Infosys has announced the retirement of Kiran Mazumdar-Shaw as Independent Director of the Board effective March 22, 2023, upon completion of her tenure.

The Indian IT giant further said in a regulatory filing that the Board has appointed D. Sundaram as the Lead Independent Director of Company, effective March 23, 2023 based on the recommendation of Nomination and Remuneration Committee.

In 2014, Kiran Mazumdar-Shaw was appointed as an independent director to the Infosys Board. In 2018, she was promoted as lead independent director. She also served as a member of the Board’s Risk Management and ESG Committees, as well as the Chair of the Nomination & Remuneration Committee and CSR Committee.

Further D. Sundaram has been on the Board of Infosys since 2017.

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“We profusely thank Kiran for having been such an integral member of the Infosys family, providing valuable guidance and leadership to the Board over the years. I am personally very grateful to her as she has been a tremendous ally and amazing colleague on the Board, ever since I re-joined Infosys in August 2017. We also congratulate Sundaram on being appointed as Lead Independent Director and look forward to his continued insight
and steadfast support as Infosys continues its growth and transformation journey.” said Nandan Nilekani, Chairman, Infosys.

Also read: Kiran Mazumdar-Shaw says Biocon in a position to pursue high growth trajectory | Interview

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Rs 1,800 Crore market cap gone in five minutes – Biocon has 2.3% equity change hands in a block deal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Biocon ended 8.8 percent lower on Friday, with majority of the fall coming in the last five minutes of the trading session.

The stock fell after 2.76 crore shares of the company or 2.3 percent of the total equity exchanged hands in a block deal, which took place at 3:25 PM.

The transaction was valued at Rs 574.78 crore. Shares exchanged hands at an average price of Rs 200.9 apiece.

Buyers and sellers in the transaction are not immediately known.

In an interaction with CNBC-TV18 earlier in the day, Biocon Executive Chairperson Kiran Mazumdar-Shaw said that Biocon as a stock is not well analysed and understood.

“And, I for one, believe that our stock is not well analysed and understood. Investors need to dive deeper into what we’re doing. Our recent spin-off, the novel spin-off that we have in Boston, Bicara Therapeutics was oversubscribed. I think we have a uniquely differentiated business in India and I hope that investors recognise that,” she said.

Biocon has been in the news this quarter for divesting 10 percent stake in Syngene worth nearly Rs 2,250 crore to finance the Viatris deal.

“As far as Syngene is concerned, we unlocked value at a time when we needed it. I think we don’t have any plans to unlock it further. As far as, Biocon Biologics is concerned, we are looking at raising some equity to offset some of the debt, but it’s not going to significantly impact Biocon’s holding in Biocon Biologics,” Kiran Mazumdar Shaw said during the interview.

Today’s drop was Biocon’s biggest in a single trading session since January 2021.

Shares of Biocon ended 8.8 percent lower at Rs 202.30 after hitting a new 52-week low of Rs 200.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Shreehas Tambe appointed as managing director and CEO of Biocon Biologics

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Biocon Ltd on Monday said its subsidiary Biocon Biologics Ltd (BBL) has appointed Shreehas Tambe as the managing director and chief executive officer of the company from December 5, 2022.

Presently, Tambe is serving as deputy chief executive officer of Biocon Biologics. He will lead BBL in realising its goal of being a global biosimilar leader. Tambe takes over from Dr Arun Chandavarkar, who will continue to serve as a non-executive, non-independent director on the board of BBL, the company said in an exchange filing.

As deputy CEO of Biocon Biologics since March 2021, Tambe has played an important and very effective role in supporting Dr Arun Chandavarkar to steer the company towards sustainable growth and build a strong foundation for the future, it said.

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Both have also played an integral role in Biocon Biologics’ historic acquisition of Viatris’ global biosimilars business and the strategic alliance with Serum Institute Life Sciences (SILS), which will drive BBL’s future growth and create long-term value for all its stakeholders.

Kiran Mazumdar-Shaw, the executive chairperson of Biocon and Biocon Biologics, said Tambe’s demonstrated track record of business success, and deep technical and operational expertise provide him with proven leadership capabilities to assume this role.

Mazumdar-Shaw said Shreehas will be aided by a highly experienced executive leadership team in building a future-ready, world-leading biosimilars player and a well-recognised global brand that is committed to impacting global healthcare.

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Tambe has been with Biocon since 1997 and has held diverse leadership and operational roles. Over the past 25 years, he has helped build and shape Biocon’s biosimilars business and spearheaded the Group’s strategic capital investments, including its first overseas facility in Malaysia.

Tambe said it has been an absolute privilege to have participated in the evolution of Biocon from an enzyme company to a global biopharmaceutical enterprise. As a company, Biocon has always pushed boundaries, challenged status-quo, and Dared to Dream – Big! The recent acquisition of Viatris’ global biosimilars business, is a game-changing event in our journey.

Tambe has also been instrumental in securing regulatory approvals and enabling the successful launch of several of the company’s biosimilar assets in global markets such as the US and EU.

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He holds a master’s degree in Bioprocess Technology from the Department of Chemical Technology (UDCT), University of Mumbai and has also studied Pharmaceutical Sciences & Technology at the University of Pune. He was conferred the coveted Distinguished Alumnus Award (Professional) by his alma mater, the prestigious ICT, Mumbai, in 2020.

Dr Arun Chandavarkar, the outgoing MD of Biocon Biologics, said, “It’s been my privilege to have led Biocon and now, Biocon Biologics through many pivotal moments and pioneering achievements over my three-decade association with the company.”

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Biocon looks to close Viatris acquisition as soon as possible

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Biocon” isinid=”INE376G01013″ bseid=”532523″ nseid=”BIOCON” sector=”Pharmaceuticals” exchange=”nse”]

Biocon posted a mixed set of earnings for the second quarter of the financial year. The reported revenue was up 26 percent but margin contracted. Kiran Mazumdar Shaw, Executive Chairperson, Biocon spoke to CNBC-TV18 about the quarter gone by and key updates on the Viatris acquisition.

The company is looking to close the Viatris deal where the company is looking to buy the global biosimilar business, which is expected to conclude soon. Biocon has raised $150 million from Serum for this and Adar Poonawala company will eventually hold around 12 percent stake in Viatris.

“We are at a very crucial stage of the Viatris acquisition. The way we are looking at it is that we would like to close the deal as soon as possible since we got the necessary regulatory permissions to go ahead with this deal,” Shaw said.

The first thing the company is focusing on is closing this transaction which will involve a payment of $2 billion and a billion dollars worth of stock to Viatris.

“We have put in place the $1.2 billion debt, we have arranged for that and the $800 million is coming through a combination of Mezannine Financing as well as equity investment which includes $150 million coming from Serum and the remaining $650 million coming from Biocon,” Shaw explained the funding.

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Biocon itself is putting in $230 million through its own reserves which included the Syngene stake sale of $150 million. The balance will come through Mezannine Financing which also will be funded through equity and other means.

Biocon will have a 68 percent stake in Biocon Biologics and Viatris will hold 12.9 percent stake in Biocon Biologics.

For the full interview, watch the accompanying video

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow