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.
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