Business Standard

GE Capital picks up stake in Biocon subsidiary for Rs 125 cr

Shares of Biocon are traded at Rs 265.35, up by 2.47% on BSE

Image

Reghu Balakrishnan Mumbai

The private equity arm of GE Capital is acquiring about 7.69% stake in a subsidiary of Bangalore-based pharma major- Biocon. Syngene International, the contract research organisation (CRO) arm of Biocon, will raise Rs 125 crore from GE Capital through the stake dilution.

The valuation of Syngene has come at Rs 1,625 crore after the deal with GE Capital. The Rs 400-crore Syngene is also looking at an initial public offering (IPO).

Shares of Biocon are traded at Rs 265.35, up by 2.47% on BSE on Wednesday.

Kiran Mazumdar-Shaw, Chairman & Managing Director, Biocon said, “GE Capital’s investment in Syngene, Biocon’s subsidiary, is a validation of our research services business model which has delivered consistent value to our partners as well as other stakeholders. This takes us closer to our commitment of taking Syngene through an IPO at the most opportune time.” 

 

 

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 31 2012 | 2:45 PM IST

Explore News