On July 31, Biocon Ltd., a biopharmaceutical firm, announced that the Board of its subsidiary, Biocon Biologics India Limited, has approved Tata Capital Growth Fund’s primary equity investment.
In compliance with the terms of the proposed agreement, Tata Capital will invest some ₹225 crore for a 0.85 per cent minority stake in the biosimilar company, valuing Biocon Biologics at an equity valuation of $3.5 billion or ₹26,250 crore, and an enterprise valuation of $4.0 billion or ₹30,400 crore.
The contract is subject to precedents and approvals with normal conditions. When this deal is complete, Biocon will hold a 95.25 percent stake in Biocon Biologics, as per a company statement.
Dr. Christiane Hamacher, CEO of Biocon Biologics, said: “This equity injection marks the next step on our unlocking value journey. With prudent R&D investments and a high-quality manufacturing network, we are optimistic that our goal to serve 5 million patients can be achieved across our portfolio of biosimilars and a target revenue of USD 1 billion in FY22.