IVFA makes partial exit from India's Syngene
India Value Fund Advisors (IVFA) has made a partial exit from India-listed pharmaceuticals company Syngene International, selling an approximately 1.6% holding for INR1.9 billion ($27.7 million).
According to market data, the firm sold about 3.2 million shares at INR575 apiece through its Silver Leaf Oak vehicle. It now holds about an 8.4% stake worth about INR9.2 billion. Syngene stock was trading at around INR596 as of late morning December 9, valuing the company at around INR119 billion.
IVFA bought a 10% stake from the company's parent, Biocon, in 2014 for INR3.8 billion. The firm had previously invested in Biocon in 2003, exiting in 2004 soon after it went public. Biocon listed Syngene last year.
Starting operations in 1994. Syngene offers drug research and manufacturing services to more than 250 clients globally, including Bristol-Myers Squibb, Abbott, Endo Pharma and DuPont. Focus sectors include pharmaceutical, biotechnology, agrochemicals, animal health, cosmetic treatment and nutrition.
Medical services and technology has been an important target sector for IVFA, with previous investments including Manipal Hospitals, Trivitron Healthcare and DM Healthcare, which it partially exited in a INR5 billion deal with Olympus Capital Asia. Earlier this year, IVFA further exited DM alongside Olympus as part of the company's INR6.1 billion IPO.
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