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Biocon Ltd will list its research services business arm Syngene by selling up to 15 per cent stake in a public offer, the company said, after reporting third-quarter earnings.
Biocon had previously said it planned to list Syngene but had not given a timeline. Late on Thursday, it said its board had approved starting the process of listing and hiring merchant bankers to sell 10-15 per cent from Biocon's majority stake in the unit in the public offer.
Separately, Biocon agreed with Gilead Sciences Inc to licence its chronic hepatitis-C product range, it said in a statement.
For the three months to December 31, Biocon reported a net profit of Rs 91 crore ($14.8 million), down 13 per cent from a year earlier, as research and development expenses more than doubled. Biocon Ltd had reported a consolidated net profit of Rs 104.99 crore for the third quarter ended December 31, 2013.
The jump in research and development expenses reflected advances made in multiple R&D programmes, Kiran Mazumdar-Shaw, Biocon chairperson and managing director, said in the statement.
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