Silver Leaf Oak (Mauritius) (Silver Leaf), an investment vehicle advised by India Value Fund Advisors (IVFA) has agreed to acquire a minority 10 per cent stake in Syngene International (Syngene), Biocon’s Research Services subsidiary. Silver Leaf will acquire the stake from Biocon Research Limited (BRL), a wholly-owned subsidiary of Biocon at a valuation of Rs 3800 crore. The transaction is subject to standard condition precedents including regulatory approvals. Post the completion of this transaction, Biocon and BRL will jointly hold 85.54 per cent stake in Syngene.
Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon said, “We are pleased to welcome Silver Leaf as a shareholder. This investment reflects Syngene’s leading position in the contract research and manufacturing space in Asia, acknowledging its comprehensive multidisciplinary capabilities. This transaction is part of the overall strategic plan for Syngene and sets a new benchmark as we prepare the company for listing.”
Vishal Nevatia, Managing Partner, India Value Fund Advisors said, “We had partnered with Biocon through our first fund in 2003. We are excited to partner with them again. Syngene has emerged as one of the leading service providers globally for integrated discovery and development with a marquee client base. This deal showcases the IVFA investment philosophy of working with high quality entrepreneurs and management teams.”
EP News Bureau – Mumbai