Biocon rallies on plans to list unit Syngene International

MUMBAI: Shares of biotechnology major Biocon gained as much as 2.01 per cent in intraday trade on Wednesday following reports that the company plans to file prospectus for listing of its research services business arm Syngene International.

According to reports, the company may raise upto Rs 10 billion through Syngene IPO.

Syngene is one of those CROs which also operate in the non-pharma space, offering research services to a large number of clients in the food and nutrition segment, in the material science space and so on.

There are also reports that Syngene is set to acquire 40 acres land in Mangalore SEZ for setting up novel API and agro chemical plant.