India's Biocon buys Acacia API, intermediates plant

India's Biocon has moved to buy a manufacturing plant from Acacia Lifesciences, the firm said in an announcement to the Mumbai stock exchange, taking over the domestic maker of active pharmaceutical ingredients and advanced intermediates this month. Biocon did not disclose the price or other details for the transaction but said the output could serve its own operations as well as third-party customers. It was unclear if the transaction was related to the company's Syngene unit. In July, Biocon reached the top end of its range of INR250 a share for an initial public offering of shares in CRO Syngene. After the IPO, Biocon's stake dropped to about 74% from nearly 84% and cash raised of around $95 million will fund plans for growth at Biocon, including the development of biosimilar candidates. Report