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.
"Through prudent investments in research and development and high-quality manufacturing infrastructure we are confident of achieving our aspiration of serving 5 million patients through our biosimilars portfolio and achieving a target revenue of USD 1 billion in the financial year 2021-22," Hamacher added.
Akhil Awasthi, Managing Partner, Tata Growth PE, said this investment is in line with its focus on export-oriented manufacturing in world beating companies.
Shares of Biocon were trading 0.53 per cent higher at Rs 405.55 apiece on BSE.
Read also: Biocon Biologics, Voluntis Collaborate For Digital Therapeutics For Diabetics Patients
Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.
NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.