Biocon Q2 net up 4.6% at Rs 89.94 crore

GE Capital picks up 7.69% stake in Syngene for Rs 125 crore

Pharma and Biotech major Biocon's net profit for the second quarter of the FY 13 went up 4.6% and stood at Rs 89.94 crore when compared to the same period last year.

The Bangalore-based company's revenue for the three month period ended September 30, 2012 stood at Rs 628.53 crore, registering a growth of about 22.4% when compared to the same period last year. On a sequential basis the net profit grew 14% while the revenues reported a growth of 9%.

The company has signed an agreement with GE Equity International, subsidiary of GE Capital Corporation, which will make a primary equity investment in Syngene International Ltd, Biocon’s research services subsidiary. As per the agreement GE Capital will invest Rs 125 crore for 7.69% equity share in Syngene.

Kiran Majumdar Shaw, CMD, Biocon said, “This takes us closer to our commitment of taking Syngene through an IPO at the most opportune moment.”

Syngene posted revenue of Rs 400 crore in FY 12, and registered sales of about Rs 250 crore in the first half of the current fiscal, the company said.

Biocon also said that the Global Phase 3 study for its recombinant Human Insulin in Type 1 diabetes mellitus patients demonstrates comparable safety and efficacy with the innovator product.

On BSE, shares of the company were trading at Rs 263.30 up 1.68% as against previous day's closing.