Biocon has moved up 3% to Rs 305, after the company announced a business restructuring between CIMAB S.A and Biocon Ltd., Biocon SA, a wholly subsidiary of the company. Bicon arm has entered into an agreement to acquire the 49% equity stake held by CIMAB SA in Biocon Biopharmaceuticals Pvt. Ltd. (BBPL). Post this acquisition, BBPL will become a wholly owned subsidiary of the company.
“The company and CIMAB shall continue their partnership on research, development and commercialization of a range of novel biopharmaceutical products” the company said in its statement to the stock exchange.
The stock opened at Rs 298, is currently trading at day’s high level. The counter has seen 216,000 equity shares change hands so far on the BSE.
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