Bangalore, March 14, 2007

Bristol-Myers Squibb Investment is the first to span discovery and development in India

Biocon Limited, India's premier biotechnology company today announced that its subsidiary company Syngene has entered into a research partnership with Bristol-Myers Squibb (NYSE: BMY). Through this symbiotic global partnership, Biocon's Syngene will provide research and development (R and D) services for discovery and early drug development.

Bristol-Myers Squibb will significantly increase the scope of its existing relationship with Biocon's Syngene to further develop integrated capabilities in India in medicinal chemistry, biology, drug metabolism, and pharmaceutical development. Under the terms of the agreement, Syngene will partner with Bristol-Myers Squibb through a dedicated research facility at Biocon Park, Bangalore, which is planned to ultimately house more than 400 scientists to help advance Bristol-Myers Squibb's discovery and early drug development.

Leveraging the current global demand for bio-partnering, this alliance aims to provide cost-effective growth and access to top scientific talent in India.

"We are delighted to announce this one-of-a-kind discovery research partnership with Bristol-Myers Squibb, a recognized global healthcare leader," said Dr. Kiran Mazumdar-Shaw, Chairperson of the Biocon Group "The new research facility will mark a significant step forward in our evolution as a valuable partner to the global pharmaceutical industry."

"Bristol-Myers Squibb has been a valued customer of Syngene since 1998. This enhanced partnership with Bristol-Myers Squibb heralds a new phase in Syngene's advancing capabilities in providing high end services in discovery research." added Dr. Goutam Das, Chief Operating Officer, Syngene International Limited.

"This broad expansion of R and D in India will allow us to grow competitively while maintaining our industry-leading position in productivity and innovation," said Elliott Sigal, M.D., Ph.D., Chief Scientific Officer, and President, Pharmaceutical Research Institute, Bristol-Myers Squibb. "Through this partnership with Syngene, Bristol-Myers Squibb will continue to access world-class talent to deliver and grow our robust product pipeline."

Syngene International Private Limited (Syngene) is an internationally reputed Custom Research Company with multi-disciplinary skills in synthetic chemistry and molecular biology. Leveraging the convergence of information technology and biotechnology, Syngene conducts high value R and D in early stage drug discovery and development for a diverse global clientele.

A subsidiary of Biocon, Syngene provides customised R and D services to pharmaceutical and biotechnology companies on a strong platform of confidentiality and intellectual property protection. With state-of-the-art facilities, dedicated connectivity and highly qualified researchers, Syngene offers its customers a powerful value advantage in the field of outsourced research and development. Syngene was established in 1994.

About Biocon
Established in 1978, Biocon Limited is one of India's premier biotechnology companies. The company has a robust product portfolio of recombinant biotherapeutics, statins and immunosuppresants with strongly growing sales and profits. We employ more than 600 highly qualified scientists at our campus in Bangalore. Biocon and its three subsidiary companies, Syngene International Ltd and Clinigene International Ltd and Biocon Biopharmaceuticals Pvt Ltd form a fully integrated biopharmaceutical company, specializing in custom research, clinical research, biopharmaceuticals and enzymes. With successful initiatives in clinical development, bioprocessing and global marketing, Biocon delivers products and solutions to partners and customers across 50 countries. Many of these products have USFDA and EMEA acceptance. Biocon launched world's first human recombinant human insulin, INSUGEN in November 2004 using Pichia expression.