Bengaluru (Karnataka) [India], Jan 7 (ANI): Abu Dhabi-based ADQ will invest Rs 555 crore for 1.8 per cent minority stake in Biocon Biologics, valuing it at a post money valuation of 4.17 billion dollars (about Rs 30,482 crore).
Post the completion of transaction, Biocon Ltd will hold 89.89 per cent stake in Biocon Biologics on a fully diluted basis.
“This investment is an endorsement of the value that Biocon Biologics business has built as a fully integrated pure-play biosimilars company and will enable us to expand our capabilities further,” said Kiran Mazumdar-Shaw, Executive Chairperson of Biocon.
“We welcome ADQ as our investment partner as we pursue our shared goal of expanding access to high-quality, affordable biopharmaceuticals to patients across the globe,” she said in a statement on Thursday.
Christiane Hamacher, CEO and Managing Director of Biocon Biologics, said the ADQ equity funding in Biocon Biologics endorses the value of company’s business model and strengthens its resolve to be the global leader in biologics, delivering affordable access to innovative and inclusive healthcare solutions, transforming patients’ lives.
Mohamed Hassan Alsuwaidi, Chief Executive Officer of ADQ, said: “Our long-term ambition for ADQ’s healthcare and pharma portfolio is to create a provision-centred, digitally enhanced ecosystem that is anchored in world-class clinical excellence, effective population health management and resilient supply chain infrastructure.”
He said Biocon Biologic’s proven R&D track record and partnerships worldwide provide ADQ an opportunity to benefit from the biosimilar sector that is set to grow as patents of originator biologics expire and patients demand lower priced drugs globally.
Biocon Biologics is engaged in developing high-quality, affordable biosimilars that expand patient access to a cutting-edge class of therapies across the world.
Last year, Biocon Biologics had raised over 255 million dollars from global marquee investors. It raised 75 million dollars through a primary equity infusion by True North Fund for a 2.44 per cent stake. Tata Capital Growth Fund picked up a 0.85 per cent stake for 30 million dollars.
And Goldman Sachs made a capital injection of 150 million dollars in exchange for optionally convertible debentures of Biocon Biologics. (ANI)
https://in.finance.yahoo.com/news/biocon-biologics-gets-rs-555-125253431.html
