Drugmaker Biocon today acquired GE Capital's entire 7.69 percent stake in its research services subsidiary Syngene International for Rs 215.38 crore.
Drugmaker Biocon today acquired GE Capital's entire 7.69 percent 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.
Biocon stock price
On September 09, 2014, Biocon closed at Rs 502.05, up Rs 1.20, or 0.24 percent. The 52-week high of the share was Rs 553.70 and the 52-week low was Rs 319.00.
The company's trailing 12-month (TTM) EPS was at Rs 15.84 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 31.7. The latest book value of the company is Rs 120.89 per share. At current value, the price-to-book value of the company is 4.15.
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