Biocon to sell up to 25% in Syngene via IPO

BANGALORE: Biocon will launch an IPO for its fully-owned contract research subsidiary Syngene this financial year, it said on Tuesday.

Details of the planned IPO has not been finalised, Biocon chairman & MD Kiran Mazumdar Shaw said, but senior officials who declined to be identified said it could be a combination of Biocon selling 20%-25% of its holding in Syngene as well as an issue of fresh shares.

Biocon earned Rs 176 crore from contract research in the fiscal-ended March 2008, an increase of 29% over the previous year.

���We believe that there is enormous scope for growth of Syngene given that global pharma companies are looking at reducing their costs and the market for generics is on the rise,��� Ms Shaw said.