Biocon: Biocon-Pfizer deal off :: Kotak Securities PDF Link

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Biocon: Biocon-Pfizer deal off
` Recap of the deal signed in October 2010
` Near-term financial impact may be limited only if there is no change in
revenue recognition policy
` Pfizer - an important partner for Biocon
` Downgrade to ADD (was BUY); TP Rs280 (Rs380 earlier), 14X FY2013E
(16X earlier)