Biocon Ltd plans to make a public offer of its research arm Syngene by the second half of next financial year.
It will start necessary processes ahead of divesting 10-15 per cent of the present holding of 85.54 per cent in the subsidiary, Chairman and Managing Director Kiran Mazumdar-Shaw said, adding Syngene reported its best ever quarter at Rs.220 crore.
The board late on Thursday cleared the listing process, which will start with the appointment of merchant bankers, the company said announcing its third quarter results. For the October-December 2014 quarter, the biotechnology company posted standalone net profit of Rs. 57.28 crore, which was 4.5 per cent lower than a year ago.
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The company reported 13.3 per cent decline in its consolidated net profit at Rs. 90.9 crore, compared to the same period of 2013-14. Total income increased marginally to Rs. 532.6 crore over last year on a standalone basis. Consolidated income was 8.8 per cent higher at Rs.769.2 crore over Q3 of 2013-14.
The board has inducted two additional independent directors — Israeli drug maker Teva’s former CEO Jeremy M. Levin; and Harvard Medical School Professor Vijay K. Kuchroo.