Nicholas to take 17% stake in Canadian firm

Nicholas Piramal India will subscribe to 75,00,000 shares of Canada-based,  biotechnology research company BioSyntech at a price of $0.80 per share. Post-issue, Nicholas Piramal's shareholding in BioSyntech will be 17.1%.

According to a release issued by Nicholas to the BSE today, BioSyntech specialises in discovery, development and manufacturing of cost-effective and physician-friendly biologic implants for therapeutic delivery and regenerative medicine.

"Nicholas Piramal will acquire exclusive rights for marketing, sales and distribution of current and future products of BioSyntech for India and neighbouring Asian markets," the release added.