Cyril Amarchand Mangaldas (CAM) advised India’s largest biotech company Biocon on a share sale in one of its sister firms. The Bangalore-based pharma company divested about 5.4% of its stake in Syngene International for INR12 billion (USD147 million).
With this stake sale, the promoters’ shareholding in Syngene stands at 69.99%. The offloading of stakes by the promoters in Syngene comes on the back of a 4% decline in profit after tax (PAT) in the June quarter of 2022.
Spark Capital Advisors India Private Limited and Avendus Capital Private Limited were the other advisers for Biocon on this transaction.
Biocon closed the deal on 8 September 2022 at an expected discount of more than 3% at INR560.04 per share.
With the sale being an open market transaction, ICICI Prudential Mutual Fund bought shares for INR1.58 billion almost immediately to become one of the larger institutional shareholders of the biotech firm.
