India's Biocon sells 10% stake in Syngene via open market - filing

Syngene International

01/02/2023 13:14

BENGALURU, Feb 1 (Reuters) - Indian biopharma company
Biocon  BION.NS  sold a 9.96% stake in its unit and contract
research firm Syngene International through open market sale, it
said in an exchange filing on Wednesday.
    With the sale, the total promoter stake of Biocon in Syngene
stands at 54.6%, the exchange filing showed.
    Biocon did not reveal the price at which the stake was sold.
    Officials at Syngene and Biocon did not immediately respond
to a Reuters query seeking the reason for the stake sale and the
price at which the sale was executed.
    Biocon was selling the stake in Syngene to fund the
acquisition of Viatris Inc's  VTRS.O  biosimilars business that
it announced last year, CNBC TV-18 reported on Tuesday.
    The selling price would be in the range of 560 rupees and
562.30 rupees per share, the report said. 
    Biocon Biologics had in February 2022 said it would buy the
U.S. drug maker's biosimilars business in a deal valued at $3.34
billion. urn:newsml:reuters.com:*:nL4N2V31AL
    Bengaluru-based Biocon had in September 2022 sold a 5.4%
stake in the open market, as per an exchange filing.
    Biocon's shares closed up 2%, while those of Syngene added
0.74% on Wednesday. 
 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Dhanya
Ann Thoppil)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))