GE Capital to pick 7.69% stake in Biocon's arm for Rs 125 cr
New Delhi: Financial services firm GE Capital on Wednesday annouced to pick up 7.69 percent stake in Syngene, research services subsidiary of Biocon, for Rs 125 crore.
As per the agreement, GE Equity International Mauritius, a subsidiary of GE Capital Corporation will make a primary equity investment in Syngene, a joint statement said.
This investment will enable Syngene to expand its integrated discovery and development services platform and harness the global outsourcing opportunity to foster high value strategic partnerships with leading pharma and biotech companies, it said.
Besides fueling the future growth, this investment also endorses the quality of innovation at Syngene and the role played by its scientific team in accelerating innovation and productivity of its global customers, it added.
Syngene registered nearly Rs 400 crore in 2011-12. During the first half of the current fiscal, the business continues to gain momentum with sales of nearly Rs 250 crore.