Kiran Mazumdar Shaw led Biocon is set to receive R125 Cr from GE Equity International Mauritius, a subsidiary of GE Capital Corp. for its research arm, Syngene International Limited.
In return GE Capital would be getting 7.69% equity share in Syngene, a BSE disclosure stated.
Biocon was advised by Allegro Corporate Finance Advisors and Mundkur Law Partners.
Funds would be utilized to expand its integrated discovery and development services platform and tap the global outsourcing opportunity through partnerships with leading pharma and biotech companies.
Late last year Biocon had announced the listing of its custom research unit, Syngene in the next 18 months and the recent funding takes it closer to the intended purpose.
Syngene International commenced operations back in 1994 and was India’s first CRO. The company now offers various services including CRAMs, multi-disciplinary skills in chemistry, biology, process development and scale-up, formulation and analytical development and preclinical services.
It is located in Bangalore having 500000 sq.ft of area covered by chemistry & biology laboratories and cGMP kilo lab among other facilities.
In 2010, Syngene entered into an agreement with US-based Endo Pharmaceuticals to expand their collaboration to develop molecules to fight cancer.
Other subsidiaries of Biocon are Clingene International, Biocon Research, Biocon SA and Axicorp GmbH.
Last year Biocon divested its entire 74% stake in German unit, AxiCorp GmbH following its global alliance with Pfizer for commercialisation of biosimilar insulin and insulin analogs.
In the space last week Kinderhood backed CRA Holdings acquired Radiant Research Inc. which paved the way for ICICI Venture to exit the company.
IFC was planning to invest around $25 Mn in Super Religare Laboratories earlier this year and another Bangalore based firm, Ecron Ecunova acquired 75% stake in aCROnordic, a Dutch firm operating across that region for around R15 Cr last year.
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Tags
Kiran Mazumdar Shaw ,
Biocon ,
GE Capital ,
GE Equity International Mauritius ,
Allegro Corporate Finance Advisors ,
Mundkur Law Partners ,
Syngene International Limited ,
biopharma ,
research ,
CRO ,
CRAMs ,
pharma ,
bangalore ,
Kiran Mazumdar Shaw ,
Biocon ,
GE Capital ,
GE Equity International Mauritius ,
Allegro Corporate Finance Advisors ,
Mundkur Law Partners ,
Syngene International Limited
KVEZAR VIEW
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Allegro Advisors |
