Rumors have it that Biocon plans to sell some of its research-services business, Syngene International, and file for an initial public offering for Syngene within the next two months.
At the same time, Syngene announced it would build a new manufacturing plant on 40 acres of land in a Special Economic Zone in Mangalore, according to a financial filing.
News outlets cited sources as saying an IPO was expected to raise nearly $160 million. They offered no amount of shares the India-based drugmaker would try to sell, but Biocon itself said earlier this year it would use an IPO to sell as much as 15% of its stake in Syngene.
Biocon had already sold a 10% stake in Syngene last year, to an equity fund. That sale fetched Biocon more than $606 million.