Biocon plans to list its Syngene International research subsidiary on the India stock market by launching a $160 million initial public offering. With money in Syngene's pockets, Biocon then plans to sell 10% of its holdings to raise about $95 million for its own research.
The intentions were revealed in a filing with the Securities and Exchange Board of India. Subject to approval, Biocon is aiming for a listing as early as July. Earlier this year, when Biocon sold another 10% stake in the research unit, Syngene was valued at about $600 million.
Syngene also offers services for drug discovery and development across several medical fields.