Tuesday, October 19, 2021
HomeBusinessBiocon says to take Syngene unit public

Biocon says to take Syngene unit public

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 Dec. 31, Biocon reported a net profit of Rs. 91 crore, down 13 per cent from a year earlier, as research and development expenses more than doubled.

The jump in research and development expenses reflected advances made in multiple R&D programmes, Kiran Mazumdar-Shaw, Biocon’s chairwoman and managing director, said in the statement.

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