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Biotech major Biocon has sold 1.88 per cent stake in its research arm Syngene International for around ₹230 crore. According to a filing in the exchanges, Biocon sold 37,65,574 equity shares amounting to 1.88 per cent of the equity share capital of Syngene through open market sale.
Post the transaction, promoter and promoter group stakes in the company was 72.57 per cent. Also, in a separate filing to the exchanges, Syngene said Biocon has sold the shares to achieve minimum public shareholding requirement. Public shareholding was 25.90 per cent.
Biocon shares closed at ₹648.90, up 1.43 per cent when compared to previous day’s close.
Some analysts like Centrum Broking have downgraded Biocon to a Sell rating due to pricing pressure in the US market and delays in receiving regulatory approvals for its biosimilar products.
Biocon’s fourth quarter FY18 EBIDTA and net profit were below Centrum's estimates, due to pricing pressure in the US market and higher tax rate. The company’s revenue grew by 26 per cent on a YoY basis in Q4FY18 and EBIDTA margin declined by 20 basis points to 19.9 per cent.
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