Pharmaceutical Investments GE Capital to Invest in Pharmaceutical Researcher Syngene
Biocon has signed an agreement with GE Equity International Mauritius, a subsidiary of GE Capital Corporation, which will make a primary equity investment in its research services subsidiary, Syngene International Limited (Syngene).
Bangalore/India – As per the terms of the agreement, GE Capital would invest Rs. 125 Crores (US $ 23 million) for a 7.69 per cent equity share in Syngene. The transaction is subject to standard condition precedents including regulatory approvals.
Commenting on this development, Kiran Mazumdar-Shaw, Chairman & Managing Director, Biocon said, “GE Capital’s investment in Syngene, Biocon’s subsidiary, is a validation of our research services business model which has delivered consistent value to our partners as well as other stakeholders. This takes us closer to our commitment of taking Syngene through an IPO at the most opportune time.”
“Welcoming the private equity investment into Syngene, Peter Bains, Director, Syngene 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. Besides fueling our 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.”