Biocon buys back GE Capital’s stake in Syngene for Rs215 crore1 min read . Updated: 09 Sep 2014, 08:29 PM IST
Biocon, which had sold the stake to GE on 31 October 2012 for Rs125 crore, has paid almost double to buy back this stake
New Delhi: Drug maker Biocon on Tuesday acquired GE Capital’s entire 7.69% stake in its research services subsidiary Syngene International for Rs215.38 crore. The company, which had sold the stake to GE on 31 October 2012 for Rs125 crore, has paid almost double to buy back this stake.
“Biocon Research Ltd, a wholly owned subsidiary of Biocon, has entered into an agreement with GE Equity International Mauritius, a subsidiary of GE Capital Corporation to purchase the latter’s investment in Biocon’s research services subsidiary, Syngene International for an agreed consideration of Rs215.38 crore," the company said in a BSE filing.
Syngene offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology, in vivo pharmacology and toxicology. It has an expert team of over 1,500 scientists to support the research and development programmes of global pharma, biotech and nutrition companies.