Biocon offloads 10% stake in Syngene International via open market transaction

2 Feb 2023 , 09:34 AM

Indian biopharmaceutical company Biocon recently announced the sale of a 9.96% stake in its subsidiary, contract research firm Syngene International, through open market transactions. The information was disclosed in a recent filing with the stock exchange.

The sale brings Biocon’s total promoter stake in Syngene to 54.6%, according to the exchange filing.

However, the pharma company did not disclose the price at which the stake was sold.

CNBC TV-18 reported on Tuesday that Biocon was selling its stake in Syngene to fund its acquisition of Viatris Inc’s biosimilars business, which it announced last year.

According to the report, the selling price would be between Rs560 and Rs562.30 per share.

Biocon Biologics announced in February 2022 that it would purchase the biosimilars business of the US drug maker for $3.34 billion.

At around 9.31 AM, Biocon was trading 0.27% higher at Rs240.35, against the previous close of Rs239.70 on NSE. On the other hand, Syngene International stock was trading 0.63% higher at Rs570, against the previous close of Rs566.45.

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