Biocon shares gained on Wednesday after Biocon Research, a wholly owned subsidiary of the company has entered into an agreement with GE Equity International Mauritius, a subsidiary of GE Capital Corporation.

The agreement is to purchase the latter's investment in Biocon's research services subsidiary, Syngene International for an agreed consideration of Rs 2.15 billion. GE Capital had a 7.69% stake in Syngene.

Shares of the company are trading at Rs 509.15, up Rs 7.1, or 1.41% at the Bombay Stock Exchange (BSE) on Wednesday at 11:23 a.m.

The scrip has touched an intra-day high of Rs 512.00 and low of Rs 502.70. The total volume of shares traded at the BSE is 119,666.