Biocon, on Thursday, said Silver Leaf Oak (Mauritius) Ltd. is picking up a 10 per cent stake in Syngene International Limited, its research services subsidiary.
Syngene, a contract research organisation, was valued at Rs.3,800 crore, the company said. It did not disclose financial details of the transaction, whose completion is subject to regulatory approvals.
Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said the transaction was part of the overall strategic plan for Syngene and “sets a new benchmark as we prepare the company for listing.”
Silver Leaf, which was advised by India Value Fund Advisors, will acquire the stake in Syngene from Biocon Research Ltd (BRL), a wholly-owned subsidiary of Biocon.
Post the transaction, Biocon and BRL will jointly hold 85.54 per cent stake in Syngene, a release said.
Managing partner of India Value Fund Advisors Vishal Nevatia said the Fund had partnered Biocon through its first funding in 2003. Syngene, he said, had emerged as one of the leading service providers globally for integrated discovery and development with a marquee client base.