Tata Capital Growth Fund to invest Rs 225 crore in Biocon Biologics
Post the completion of this transaction, Biocon will hold 95.25 per cent stake in Biocon Biologics, the biotechnology major added.;
New Delhi: Biotechnology major Biocon on Friday said Tata Capital Growth Fund will invest USD 30 million (Rs 225 crore) in its subsidiary Biocon Biologics to acquire 0.85 per cent equity stake in the company.
The firm said this deal values Biocon Biologics at USD 3.5 billion.
In a regulatory filing, Biocon said the board of its subsidiary Biocon Biologics India has approved a primary equity investment by Tata Capital Growth Fund.
As per the terms of the proposed agreement, Tata Capital will invest USD 30 million (Rs 225 crore) for a 0.85 per cent minority stake in the biosimilar business.
Post the completion of this transaction, Biocon will hold 95.25 per cent stake in Biocon Biologics, the biotechnology major added.
The transaction is subject to standard condition precedents and approvals.
Dr Christiane Hamacher, CEO, Biocon Biologics, said this equity infusion is the next step in the company's journey of unlocking value.
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