Biocon, a leading biotechnology company, announced that its subsidiary Syngene International is in the process of acquiring approximately 40 acres of land on leasehold basis in the multi-product special economic zone being developed by Mangalore SEZ.

This land will be used for setting commercial scale facilities for manufacture of novel active pharmaceutical ingredients, advanced intermediates and agro chemicals for Syngene's clients. In this regard, Syngene has also been granted status of co-developer under the SEX rules for providing infrastructure facilities to its units.

Shares of the company declined Rs 2.7, or 0.58%, to trade at Rs 466.80. The total volume of shares traded was 168,543 at the BSE (11.38 a.m., Wednesday).