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GE Capital to invest in Biocon’s research services subsidiary

  • Andrew Woodman
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GE capital, the private equity arm of General Electric, has agreed to invest INR1.25 billion ($23 million) for a 7.69% stake in Syngene, a subsidiary of India’s Biocon.

Syngene, a contract research organization, offers drug discovery and development services to clients including Bristol-Myers Squibb, Abbott, Endo Pharma and DuPont.

The company employs a team of over 1,500 scientists and has 1 million square feet of built-up laboratories. Last year Sygene reported revenues of INR4 billion, rising to INR2.5 billion in the first half of the current fiscal year..

"GE Capital's investment in Sygene is a validation of our research service business model which has delivered consistent value to our partners as well as other stakeholders." said Kiran Mazumdar-Shaw, chairman and managing director of Biocon, in a statement. "This takes us closer to our commitment of taking Syngene through an IPO at the most opportune time."

Established in 1978, Biocon is a biotechnology company with a strategic focus on biopharmaceuticals and research services. According to The Wall Street Journal, the company is expected to list sometime in the next financial year.

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