Biocon Ltd has sold its enzymes activity to Novozymes, which has signed a definitive agreement under which it will acquire the enzyme activities of Biocon for a total consideration of $115 million (approximately Rs 470 crore). The purchase price has been agreed to $102 million, of which $97 million will be paid up front, and $5 million when certain business targets have been met. In addition, $13 million is related to committed service fees and lease payments to be paid over a period of upto ten years.
