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Bangalore-based biotechnology company Biocon has signed an agreement with GE Equity International, Mauritius, a subsidiary of GE Capital Corporation, which will make a primary equity investment in Syngene International Ltd, Biocon’s research services subsidiary.
GE Capital will invest Rs 125 crore for a 7.69 per cent equity stake in Syngene. The deal is subject to regulatory approvals.
Kiran Majumdar Shaw, CMD, Biocon said, “This takes us closer to our commitment of taking Syngene through an IPO at the most opportune moment.”
The investment will help Syngene expand its integrated services and development platform and harness the global sourcing platform, Peter Bains, Director Syngene, said.
Syngene, which posted revenue of Rs 400 crore in FY 12, has registered sales of Rs 250 crore in the first half of the current fiscal.
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