Biocon Biologics-Edelweiss deal cleared by CCI

Written by Ruchika Sharma Published On 2023-05-11T12:30:29+05:30 | Updated On 11 May 2023 12:30 PM IST

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The deal has been cleared under the green channel route.

New Delhi: Fair-trade regulator Competition Commission of India (CCI) has cleared Edelweiss Alternative Asset Advisors and ESOF III Investment Fund's subscription to certain compulsorily convertible debentures of Biocon Biologics Ltd. The deal has been cleared under the green channel route.

Edelweiss Alternative Asset Advisors is a Sebi-registered alternative asset advisor, while ESOF III Investment Fund is a Sebi-registered Alternative Investment Fund (AIF).

The proposed combination relates to Edelweiss Alternative Asset Advisors and ESOF III Investment Fund's proposal to subscribe to certain compulsorily convertible debentures issued by Biocon Biologics Ltd (BBL), according to CCI.

CCI said it has approved the proposed 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 route," according to an update on the CCI website.

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.

Read also: Serum Institute of Life Sciences to double investment in Biocon unit to Rs 2457 crore

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. The company’s products are marketed globally through a hybrid commercial model with a combination of direct presence, strategic partnerships and distributor tie-ups.

Read also: CCI approves acquisition of up to 76.10 percent of voting share capital of Suven Pharma by Berhyanda

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Source : with inputs

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