Silver Leaf Oak (Mauritius) Limited, an investment vehicle advised by India Value Fund Advisors would acquire a minority 10 per cent stake in Syngene International, Biocon’s Research Services subsidiary. The valuation is estimated at Rs.3,800 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.
“We are extremely 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, said Kiran Mazumdar-Shaw, Biocon’s chairman and managing director.
According to Vishal Nevatia, managing partner, India Value Fund Advisors, we had partnered with Biocon through our first fund in 2003. 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.
The Biocon Group was advised by Allegro Advisors. The lawyers for Biocon Group and Silver Leaf Oak were Wadia Ghandy and DSK Legal, respectively.