Biocon has completed sale of 10% stake in its research arm Syngene for Rs 380 crore to IVF Trustee Company. In September, the company had announced that Mauritius-based private equity fund Silver Leaf Oak would acquire 10% stake in its research services arm Syngene International for Rs 380 crore from Biocon Research (BRL), a wholly-owned subsidiary of the Bangalore-based firm.
The deal had put the entire valuation of Syngene International, a wholly-owned subsidiary of Biocon, at Rs 3,800 crore.
Biocon is India’s largest and Asia’s leading biotechnology company with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation-driven biopharma enterprise offering affordable solutions for chronic diseases to patient's worldwide.