Biocon confirms sale of 80 lakh Syngene Intl shares for ₹686 crore via open market block deal – CNBC TV18
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Following the sale, Biocon’s shareholding in Syngene, its subsidiary and a leading contract research and manufacturing organisation (CRMO), has reduced to 52.46%.
“…we wish to inform you that the company has sold 80,00,000 (Eighty Lacs) equity shares of Syngene International Limited (Syngene) in the open market through a block deal mechanism on December 10, 2024. Post this
transaction, the shareholding of the company in Syngene shall stand at 52.46%,” Biocon said in a regulatory filing.
Also Read: Biocon Q2 falls short of estimates; net profit dives 84% but revenue up 4%
On Monday, December 9, CNBC-TV18 reported, citing sources, that biotechnology firm Biocon Ltd was likely to sell a 2% stake in Syngene International via block deals, with the indicative price for the sale pegged at ₹825 per share.
In the September quarter, Syngene International posted a revenue of ₹891 crore, down 2.1% from the previous year’s ₹910 crore. For the half-year ending September 2024, total revenue stood at ₹1,680.7 crore, slightly lower than the ₹1,711.2 crore recorded during the same period in 2023. Net profit for Q2 FY2025 was ₹106.1 crore, 8.9% down from ₹116.5 crore in Q2 FY24.
The company’s expenses for the quarter reached ₹770.2 crore, lower than ₹773.6 crore in Q2 FY2024. The cost of chemicals, reagents, and consumables amounted to ₹230.8 crore, less than ₹241.8 crore in the same quarter last year. Employee benefits expenses rose to ₹251.5 crore from ₹225.5 crore.
Also Read: US FDA approves Biocon Biologics’ YESINTEK for autoimmune diseases
Shares of Biocon Ltd ended at ₹368.25, down by ₹1.15, or 0.31%, on the BSE.
(Edited by : Shoma Bhattacharjee)
