Set up in 1978 as an enzyme-manufacturing company by Kiran Mazumdar-Shaw, Biocon rapidly become one of the pioneering enterprises of the Indian Biotech industry.
By May 2003, when True North decided to invest in Biocon, it was a respected name in the business of bio-generics, specialty enzymes, and contract research. It was known for its good manufacturing and human resource practices, and had a large number of patents as well as substantial and stable revenue and profit.

The Biocon IPO in March 2004 was oversubscribed 33 times and the company was listed with a market capitalization of US$1 billion. True North divested its stake in Biocon upon listing.