Biocon Biologics plans to raise Rs 4,000-4,500 crore via local bonds: Report
Biocon Biologics Ltd., a biopharmaceutical company, is considering raising between Rs 4,000 crore and Rs 4,500 crore from India’s local-currency bond market in the coming months. People familiar with the matter revealed that the company is currently engaged in discussions with banks for the issuance.
The people, who preferred to remain anonymous due to the confidentiality of the details, disclosed that the funds from this bond sale are intended to refinance debt that was previously incurred for financing an acquisition. However, the exact terms of the bond issuance are yet to be finalized.
“We would not like to comment on any rumours or market speculation,” the company’s spokesperson told Bloomberg by email.
Biocon Biologics, a unit of Biocon Ltd., has a pipeline of 20 biosimilar assets related to diabetology, oncology, immunology, ophthalmology, and other non-communicable diseases, according to the company’s website.
It has commercialized eight biosimilars in key emerging markets and advanced markets like U.S., Europe, Australia, Canada, and Japan.
In November 2022, the company completed the acquisition of the global biosimilars business of Viatris Inc. The deal included a $1.2 billion sustainability-linked loan and an equity infusion of $850 million.
Medical Dialogues team had earlier reported that the Company had received approval from the European Medicines Agency (EMA) to manufacture biosimilar Bevacizumab at its new, world-class, multi-product monoclonal antibodies (mAbs) drug substance facility at Bengaluru.
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