Bengaluru, Jul 31: Biocon Ltd, a global
Biopharmaceuticals company, announced on Friday that the board of its subsidiary Biocon Biologics India Limited has approved a primary equity investment by Tata Capital Growth Fund.
As per the terms of the proposed agreement, Tata Capital will invest Rs 225 crore for a 0.85 per cent minority stake in the biosimilar business, valuing Biocon Biologics at an equity valuation of Rs 26,250 crore and an enterprise valuation of Rs 30,400 crore, Biocon said in a statement.
The transaction is subject to standard condition precedents and approvals.
Post the completion of this transaction, Biocon will hold 95.25 per cent stake in Biocon Biologics, the company added.
Dr Christiane Hamacher, CEO, Biocon Biologics, said, “This equity infusion is the next step in our journey of unlocking value. Through prudent investments in R&D 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 one billion in FY22.”
Akhil Awasthi, Managing Partner, Tata Growth PE, said, “The investment brings together 150 plus years of brand equity of Tatas and a very strong R&D based entrepreneur in Dr Kiran Mazumdar-Shaw.” (PTI)