Avendus Capital Advises Biocon Limited on Its 10% Stake Sale (USD 274 mn) in Syngene International Limited
Biocon Limited (Biocon) sold its 10% stake in Syngene International Limited (Syngene) on 1st February, 2023, at a price of INR 560 per share, a discount of 0.4% on the previous day’s closing price, valued at INR 2,240 crore (USD 274 million). The book was well distributed with 98% long only participation (FII/DII: 65%/ 35%) from top global investors across classes including sovereign funds, long only FIIs, long only DIIs, pension funds and endowment funds.
Avendus Capital was the sole advisor and Avendus Spark Institutional Equities was the sole broker to this transaction.
About Biocon & Syngene
Incorporated in 1993, as a subsidiary of Biocon Limited, Syngene International is a contract research and manufacturing company providing drug discovery and development services in India, the U.S. and other countries. The Company serves pharmaceutical, biotechnology, nutrition, animal health and specialty chemical companies.
Biocon is India’s largest biopharmaceutical company, delivering high quality Biosimilar, Generic Formulation and API products, as well as research services, to patients and customers around the globe. The Company’s portfolio comprises of products in therapeutic areas such as oncology, immunology and diabetes, among others, serving patients and customers in approximately 120 countries.
1CDMO - Contract Development and Manufacturing Organization
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