Biocon rose 2.05% to Rs 428.50 at 11:37 IST on BSE after the company concluded sale of 10% stake in its research arm Syngene for Rs 380 crore to IVF Trustee Company.
The announcement was made after market hours yesterday, 12 January 2015.
Meanwhile, the BSE Sensex was down 36.54 points, or 0.13%, to 27,548.73.
On BSE, so far 58,000 shares were traded in the counter, compared with an average volume of 1.08 lakh shares in the past one quarter.
The stock hit a high of Rs 430.50 and a low of Rs 424.20 so far during the day. The stock hit a record high of Rs 553.70 on 4 July 2014. The stock hit a 52-week low of Rs 402.45 on 7 January 2015.
The stock had underperformed the market over the past one month till 12 January 2015, falling 7.49% compared with 0.86% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 12.94% as against Sensex's 4.90% rise.
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The mid-cap company has an equity capital of Rs 100 crore. Face value per share is Rs 5.
In September 2014, Biocon had announced that 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 Biocon.
In the latest filing to the BSE, Biocon said Silver Leaf Oak has assigned its rights and obligations for acquisition of 10% stake in Syngene International to IVF Trustee Company.
Both Silver Leaf Oak and IVF Trustee Company are investment vehicles advised by India Value Fund Advisors (IVF).
The deal had put the entire valuation of Syngene International at Rs 3800 crore. Post conclusion of the above, Biocon and BRL, jointly hold 85.54% stake in Syngene, Biocon said.
Syngene is India's leading contract research organization offering integrated drug discovery and development services with capabilities in medicinal chemistry, biology, in vivo pharmacology, toxicology, custom synthesis, process Research and Development, and formulation development for small and large molecules.
Biocon's consolidated net profit fell 0.1% to Rs 102.05 crore on 2.7% rise in total income to Rs 772.63 crore in Q2 September 2014 over Q2 September 2013.
Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.
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