New Delhi, May 5 : Biocon founder Kiran Mazumdar-Shaw has named her niece Claire Mazumdar as her successor, outlining a formal succession plan for the biopharmaceutical company, according to a report.

In an interview with Fortune India, Mazumdar-Shaw (73) said she sees Claire (37) as the right person to lead Biocon, a leading biopharmaceutical firm, into its next phase of growth.

â??I am the sole owner of Biocon, and I need to make sure that I put it in good hands. I have seen my niece Claire as my successor because I think she has proved to me that she can run a company,â?? she said.

Claire Mazumdar, who is currently the founder and CEO of Bicara Therapeutics, a Nasdaq-listed company incubated by Biocon.

Mazumdar-Shaw -- who has no children -- said a broader family ecosystem could also support the company's future growth.

This includes Claire's brother Eric Mazumdar, a professor at the California Institute of Technology and an AI expert, as well as her husband Thomas Roberts, an oncologist at Massachusetts General Hospital.

As part of a wider organisational overhaul, Biocon has merged its generics and biologics businesses, simplified its structure, and reduced debt. The company is sharpening its focus on biosimilars, which contribute a significant share of revenue, with several products already in the market and more in the pipeline, Mazumdar-Shaw said.

Moreover, the chosen successor holds a degree in Biological Engineering from the Massachusetts Institute of Technology, an MBA from Stanford Graduate School of Business, and a PhD in Cancer Biology from Stanford School of Medicine.

The report also highlighted that leadership transitions are also underway across group companies.

It added that Shreehas Tambe has taken over as CEO and Managing Director of Biocon Biologics, while Siddharth Mittal is set to lead Syngene International from July 1.

Shares of Biocon were trading over 1 per cent higher at Rs 365.55 on the BSE on Tuesday.

/IANS