Biocon offloads stake worth ₹706 Crore in Syngene International

10 Dec 2024 , 01:33 PM

On December 10, the markets saw a block trade involving ₹706 Crore in shares of Contract Development Manufacturing Organisation (CDMO) participant Syngene International, with promoter Biocon presumably selling. As much as 82.2 lakh shares, representing a 2% interest in Syngene, changed hands at an average price of ₹858.5 per, marking a more than 1% drop from Monday’s closing price.

Syngene shares climbed more than 3% in response to the stake sale.

At around 12.42 PM, Syngene International was trading 1.61% higher at ₹881.90, against the previous close of ₹867.90 on NSE.

The block deal will also result in a 60-day lock-in period before Biocon can sell any more stakes, according to the article. According to the most recent shareholding statistics, Biocon is a member of Syngene’s promoter group and owns 54.45% of the CDMO firm.

The Biosecure Act’s absence from a critical defense package suggests a weakening of the US attitude on Chinese biotech. Because the defense bill was the most plausible path for the Act’s adoption in 2024, its failure to pass this year might have a significant impact on Indian CDMO operators.

On the other hand, Biocon was trading 1.18% lower at ₹365.25, against the previous close of ₹369.60 on NSE.

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