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Biocon Will Fully Own Syngene After Stake Buy

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India's Biocon Ltd said on Tuesday it agreed to buy a 7.7 percent stake in its research services business from a unit of GE Capital for 2.15 billion rupees ($35.48 million).
Biocon said it would buy the stake in unit Syngene, which is involved in pharmaceutical contract research and manufacturing, from GE Equity International Mauritius.
Biocon would fully own Syngene after the stake purchase.
The move is seen as a precursor to potential listing of Syngene, traders say.
Biocon had previously said it planned to take Syngene public, but has not given a timeline.
Biocon Ltd shares were up 1 percent on Wednesday morning.