CCI clears Kotak Special Situations Fund investment in Biocon Biologics

The combination relates to the acquirer (Kotak Special Situations Fund) proposing to purchase certain equity shares in the target (Biocon Biologics).;

Published On 2023-08-14 07:00 GMT | Update On 2023-08-14 07:00 GMT

New Delhi: Fair trade regulator Competition Commission of India has cleared Kotak Special Situations Fund's proposed investment in Biocon Biologics Ltd under the green channel route. In February, Kotak Special Situations Fund, an arm of Kotak Mahindra Bank, announced a Rs 1,070 crore investment in Biocon to help a subsidiary of the Bengaluru-based company in an acquisition.

The investment will help Biocon Biologics' acquisition of the biosimilars business of its partner Viatris.

Kotak Special Situations Fund is a Sebi-registered alternative investment fund (AIF).

The combination relates to the acquirer (Kotak Special Situations Fund) proposing to purchase certain equity shares in the target (Biocon Biologics).

Biocon Biologics is a biosimilars company which is engaged in the manufacture and commercialisation of pharmaceutical formulations

The Competition Commission of India

said it has approved the deal.

"The parties' activities do not exhibit any horizontal, vertical, or complementary overlaps in any of the plausible relevant markets.

"Therefore, the proposed combination is being notified under the green channel," according to an update on the Competition Commission of India's website on Thursday.

Under the green channel route, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the anti-trust regulator.

The Competition Commission of India (CCI) is the chief national competition regulator in India. The Commission was established by the Central Government on 14th October 2003. CCI consists of a Chairperson and 6 Members appointed by the Central Government.

Biocon Biologics Limited, a subsidiary of Biocon Limited, is a fully integrated global biosimilars organization. Biocon Biologics has eight commercialized products in global markets. The company has a portfolio of biosimilar assets, including insulins, monoclonal antibodies and conjugated recombinant proteins in therapeutic areas such as diabetology, oncology, immunology, and ophthalmology. Biocon Biologics has invested over USD 1 billion to date in R&D and global scale manufacturing and has end-to-end capabilities for producing drug substance, drug product and delivery devices across multiple sites in India and Malaysia.

Article Source : with inputs

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Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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CCI clears Kotak Special Situations Fund investment in Biocon Biologics

The combination relates to the acquirer (Kotak Special Situations Fund) proposing to purchase certain equity shares in the target (Biocon Biologics).;

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