Silver Leaf Oak, an investment vehicle advised by India Value Fund Advisor, has agreed to acquire a minority 10% stake in Syngene International, Biocon's Research Services subsidiary. Silver Leaf will acquire the stake from Biocon Research at a valuation of Rs 38 billion.

The transaction is subject to standard condition precedents including regulatory approvals. Post the completion of this transaction, Biocon and BRL will jointly hold 85.54% stake in Syngene.

Kiran Mazumdar-Shaw, Biocon's chairman and managing director said, "We are extremely pleased to welcome Silver Leaf as a shareholder. This investment reflects Syngene's leading position in the contract research and manufacturing space in Asia, acknowledging its comprehensive multidisciplinary capabilities. This transaction is part of the overall strategic plan for Syngene and sets a new benchmark as we prepare the company for listing."

Shares of the Biocon gained Rs 13.15, or 2.7%, to settle at Rs 499.95. The total volume of shares traded was 148,504 at the BSE (Thursday).