GE Capital to invest in Biocon's Syngene

Biocon Ltd. (NSE:BIOCON; BSE:BIOCON) said General Electric Co. (NYSE:GE) will invest Rs1.2 billion ($22.8 million) to acquire a 7.69% stake in Biocon's research services subsidiary Syngene International Ltd. Biocon said the investment is part of its plan to take the CRO public "at the most opportune time." The subsidiary recorded sales of Rs4 billion ($74 million) in the fiscal year ending March 31, 2012.

Separately, Biocon reported that its biosimilar recombinant insulin products Insugen R and Insugen N each met the primary endpoint of non-inferiority to the respective marketed insulin product in reducing HbA1c from baseline to 6 months in a Phase III trial in about 300 Type I diabetics. Specifically, Insugen R was non-inferior to Actrapid insulin, while Insugen N was non-inferior to Insulatard insulin. The biotech said data from the trial along with pharmacokinetic and pharmacodynamic data will support submission of regulatory applications for Insugen R and Insugen N in the EU and "other global markets." ...