Syngene concludes the acquisition of biologics manufacturing facility from Stelis Biopharma Ltd

Syngene International today announced the conclusion of the acquisition of a multi-modal biologics manufacturing facility from Stelis Biopharma Ltd as announced on 4 July 2023. The acquisition of the 'Unit 3' biologics manufacturing facility was concluded at a revised gross value of Rs 617 crores adjusted from the earlier gross value of Rs 702 crores. The reduction in gross value reflects the retention of certain equipment not currently installed in the facility by Stelis Biopharma Ltd.

The acquisition will add 20,000 litres of installed biologics drug substance manufacturing capacity for Syngene. It also includes a commercial scale, high speed, fill-finish unit - an essential capability for drug product manufacturing.

The Unit has been acquired effective 1st December 2023 on payment of Rs 395 crores. The balance, subject to final adjustments, will be paid in December 2023 on completion of certain post-closing actions by Stelis Biopharma Ltd.

Shares of Syngene International Limited was last trading in BSE at Rs. 746.45 as compared to the previous close of Rs. 752.05. The total number of shares traded during the day was 14931 in over 754 trades.

The stock hit an intraday high of Rs. 761.35 and intraday low of 744.80. The net turnover during the day was Rs. 11227975.00.

Source : Equity Bulls

Keywords

SyngeneInternational INE398R01022 Acquisition BiologicsFacility StelisBiopharma Complete