Sovereign Funds Pick Up Shares in Biocon Partial Divestment Sale

Posted on 02/13/2023

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Disclosed on February 1, 2023, Pharma company Biocon Ltd divested a 9.96% stake in its research arm Syngene International for Rs 2,240 crore through open market transactions. The buyers of the Biocon shares include: Government of Singapore (GIC Private Limited), Abu Dhabi Investment Authority, Monetary Authority of Singapore, ICICI Prudential Mutual Fund, Morgan Stanley Asia Singapore Pte, and Norges Bank (Norway Government Pension Fund Global), among others.

The shares were offloaded in 29 tranches by Biocon Ltd. The shares were sold at an average price of Rs 560 per share.

Post-deal, Biocon’s shareholding was drawn down to 54.6% from 64.56% stake in the company. Biocon had offloaded a 5.4% stake in Syngene International in September 2022. Biocon was selling the stake in Syngene to fund the acquisition of Viatris Inc’s biosimilars business.