Biocon on Tuesday said it would sell up to 11% in its contract research arm Syngene in the upcoming IPO.
“We are unlocking value from Syngene to fund our R&D programmes, which include a rich pipeline of biosimilars and novel biologics. This fund infusion will help accelerate these programmes which are at various stages of development currently,” said Kiran Mazumdar-Shaw, chairman and MD, Biocon.
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