"This investment reflects Syngene's leading position in the contract research and manufacturing space in Asia, acknowledging its comprehensive multidisciplinary capabilities," Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said in a statement.
Mauritius-based private equity fund Silver Leaf Oak will acquire 10 per cent stake in Biocon 's research services arm Syngene International for Rs 380 crore. The deal puts the entire valuation of Syngene International Ltd, a wholly-owned subsidiary of Biocon Ltd, at Rs 3,800 crore.
"This investment reflects Syngene's leading position in the contract research and manufacturing space in Asia, acknowledging its comprehensive multidisciplinary capabilities," Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said in a statement.
This transaction is part of the overall strategic plan for Syngene and sets a new benchmark as we prepare the company for listing, she added.
Silver Leaf will acquire the stake in Syngene from Biocon Research Ltd (BRL), another arm of Biocon Ltd. The PE firm was advised by India Value Fund Advisors (IVFA) in the transaction, while Biocon was advised by Allegro Advisors.
Post the completion of the transaction, Biocon and BRL will jointly hold 85.54 per cent stake in Syngene, it added.
Commenting on the development, IVFA Managing Director Vishal Nevatia said: "We had partnered with Biocon through our first fund in 2003. We are excited to partner with them again...This deal showcases the IVFA investment philosophy of working with high quality entrepreneurs and management teams."
Earlier on this month, Biocon had acquired GE Capital's entire 7.69 per cent stake in Syngene 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 shares today closed at Rs 499.95 apiece on the BSE, up 2.70 per cent from its previous close.
Biocon stock price
On September 18, 2014, Biocon closed at Rs 499.95, up Rs 13.15, or 2.70 percent. The 52-week high of the share was Rs 553.70 and the 52-week low was Rs 324.05.
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 31.56. 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 4.14.
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