Biocon, Asia’s premier biotechnology company, has signed an agreement with GE Equity International Mauritius, a subsidiary of GE Capital Corporation (GE Capital), which will make a primary equity investment in its research services subsidiary, Syngene International (Syngene). The Biocon Group was advised by Allegro Corporate Finance Advisors and Mundkur Law Partners.
As per the terms of the agreement, GE Capital would invest Rs 125 crore for a 7.69% equity share in Syngene. However, the transaction is subject to standard condition precedents including regulatory approvals.
Syngene registered nearly Rs 400 crore in FY12. During H1, FY13, the business continues to gain momentum with sales of nearly Rs 250 crore.
Biocon produces anti-diabetic agents like Acarbose, Pioglitazone, Repaglinides and Rosiglitazone. In the biological segment it produces Insulin, Erythropoietin (EPO), Filgrastim (GCSF), Streptokinase and Monoclonal Antibodies.
