Biocon subsidiary approves primary equity investment of Rs 555 crore by Abu Dhabi-based ADQ

Dr Christiane Hamacher, CEO & Managing Director, Biocon Biologics, said: "The ADQ equity funding in Biocon Biologics endorses the value of our business model and strengthens our resolve to be the global leader in biologics, delivering affordable access to innovative and inclusive healthcare solutions, transforming patients' lives. Our relentless desire to make a real difference pushes us to redefine innovation and build a disruptive business model that lowers treatment costs and improves healthcare outcomes, whilst delivering on shareholder value and our business objectives."

H.E. Mohamed Hassan Alsuwaidi, Chief Executive Officer of ADQ, said: "Our long-term ambition for ADQ's healthcare and pharma portfolio is to create a provision-centred, digitally enhanced ecosystem that is anchored in world-class clinical excellence, effective population health management and resilient supply chain infrastructure. While we anticipate this will unlock shareholder value, it will also, importantly, deliver positive socio-economic impact with better health outcomes, optimized healthcare spend and more opportunities for local and international talent. Biocon Biologic's proven R&D track record and partnerships worldwide provide us with an opportunity to benefit from the biosimilar sector that is set to grow as patents of originator biologics expire and patients demand lower priced drugs globally."

Biocon Biologics had raised over USD 255 million from global marquee investors from Jan to Nov 2020. The Company has raised USD 75 million through a primary equity infusion by True North Fund for a 2.44% stake; Tata Capital Growth Fund picked up a 0.85% stake for USD 30 million. Goldman Sachs made a capital injection of USD 150 million in exchange for Optionally Convertible Debentures of Biocon Biologics.