Biocon buys back GE Capital's stake in Syngene for Rs 215 cr

Written by PTI | New Delhi | Updated: Sep 10 2014, 02:01am hrs
BioconBiocon has acquired GE Capital's entire 7.69 per cent stake in its research services subsidiary Syngene International. (Reuters)
Drug maker Biocon today acquired GE Capital's entire 7.69 per cent stake in its research services subsidiary Syngene International for Rs 215.38 crore.

The company, which had sold the stake to GE on October 31, 2012 for Rs 125 crore, has paid almost double to buy back this stake.

"Biocon Research Ltd, a wholly owned subsidiary of Biocon, has entered into an agreement with GE Equity International Mauritius, a subsidiary of GE Capital Corporation to purchase the latter's investment in Biocon's research services subsidiary, Syngene International for an agreed consideration of Rs 215.38 crore," the company said in a BSE filing.

Syngene offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology, in vivo pharmacology and toxicology.

It has an expert team of over 1,500 scientists to support the research and development programmes of global pharma, biotech and nutrition companies.