Bangalore, July 18, 2007

Biocon Limited today announced its financial performance for the three months ended June 30th, 2007.

PERFORMANCE HIGHLIGHTS
Sales grew by 28% Operating profits by 40%. Profit after tax by 36% over the same period in the previous year?
All business segments delivered robust growth. Biopharma performed particularly strongly.

Margins in services were restrained by currency appreciation ? Branded products for Nephrology, Oncology and Cardio Diabetes performed strongly?

Biocon licenses G CSF (Granulocyte Colony Stimulating Factor) to a global biopharmaceutical company for North America and the European Union?

Biocon enters into exclusive agreement with Invitrogen to market Insulin to the global cell culture market?

Biocons discovery led research programs in particular Oral Insulin (IN105) and Anti-CD6 monoclonal antibody (T1h) continued to make good progress. IN105 completed Phase IC Human Clinical Proof of Concept trials.

T1h will commence Phase II Human Clinical trials during Q2 FY08 ? Biocon received regulatory approval from DCGI for bio-similar Streptokinase and GCSF?

Clinigene moved its operations to a new, state of the art, dedicated facility?

Syngene commenced construction of the dedicated facility for
Bristol Myers Squibb Outlook

Commenting on the results, Kiran MazumdarShaw, Chairman Managing Director, Biocon Limited, said: I am pleased that we have delivered robust and growing profits at a time when we are challenged with increased RD investments, strengthening currency and rising operating costs. This has been possible due to expanded markets for our bio therapeutics as well as significant licensing income from our R and D programs.

We see licensing as a strong affirmation of our innovation led business strategy and expect to realize even greater licensing revenues in the future. The year ahead will be exciting but demanding.

Whilst we will address the challenges posed by a depreciating dollar as well as increased operating costs through a series of measures that improve operating efficiency, we remain optimistic about the future thanks to our business verticals that are balanced between products and services.

CORPORATE DEVELOPMENTS

Biocon enters into an exclusive licensing agreement for G-CSF. Biocon entered into an exclusive licensing agreement with a global biopharmaceutical company to develop and market a bio-similar version of G CSF (Granulocyte Colony Stimulating Factor) in North America and the European Union. Under the terms of the agreement, Biocon will receive an upfront licensing fee and following approval in the licensed territories, royalties from sales.

Biocon signs an exclusive agreement with INVITROGEN CORPORATION to market Insulin for cell culture Biocon has signed an exclusive agreement with Invitrogen Corporation, a provider of essential life science technologies for disease research and drug discovery, to market pharmaceutical-grade insulin to the global cell culture market.

The cell culture market is a large opportunity for Biocons Insulin. Biocon files IMPD for IN 105 to conduct Phase I Clinical Trials in Europe. Biocon has filed an Investigational Medical Product Dossier (IMPD) for IN105 to conduct a Phase I Clinical Trial in Sweden. The trial will be conducted at Karolinska University Hospital., Stockholm.

This marks the first step in the international development plan for IN105. Note: The discussions in this release reflect the audited financial performance of Biocon Limited based on Indian GAAP on a consolidated basis. This considers the financial performance of Biocon Limited, its wholly owned subsidiaries Syngene International Limited and Clinigene International Limited and its 51% joint venture Biocon Biopharmaceuticals Private Limited.

About Biocon
Established in 1978, Biocon Limited is one of India's premier biotechnology companies. Biocon and its two subsidiary companies, Syngene International Ltd and Clinigene International Ltd form a fully integrated biotechnology enterprise, specializing in biopharmaceuticals, custom research, clinical research and enzymes. With successful initiatives in clinical development, bio-processing and global marketing, Biocon delivers products and solutions to partners and customers across the globe. Many of these products have USFDA and EMEA acceptance. Biocon launched the world's first recombinant human insulin, INSUGEN in November 2004 using Pichia expression and India's first indigenously produced monoclonal antibody BIOMAb-EGFR.

About Deakin University
Deakin University, established in the 1970s, is Australia's fastest growing university in terms of research performance. The University provides a successful combination of traditional focus on excellent teaching and research with a desire to challenge conventional practices and to seek new ways of developing and delivering courses to its 32,000 plus students. Scholastic excellence, top quality research, industry partnerships and tailored courses are some of the key factors that make Deakin the fastest growing, relevant, innovative and a responsive University.