Companies

Biocon Biologics gets Rs 1,125 cr capital infusion from Goldman Sachs

Our Bureau | | Updated on: Nov 07, 2020
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Biocon Ltd, an innovation-led global biopharma company, has announced that its subsidiary Biocon Biologics Ltd’s board (Biocon Biologics) has approved a Rs 1,125 crore ($150 million) capital injection from Goldman Sachs.

As per the terms of the proposed agreement, Goldman Sachs will be issued Optionally Convertible Debentures (OCD) at a post money equity valuation of $3.94 billion. The transaction is subject to customary approvals and conditions.

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said, “We welcome a capital injection by Goldman Sachs in Biocon Biologics, which as largest biosimilar portfolios globally. This transaction is a part of the overall strategic plan of value creation for our shareholders through Biocon Biologics.”

Dr Christiane Hamacher, CEO, Biocon Biologics, said “With three of our products commercialized in the US market, we continue to strive towards expanding access for our patients and unlocking value for our shareholders. This capital injection by Goldman Sachs will enable us to make prudent investments in R&D, high-quality manufacturing, as well as, establish a global commercial footprint. We are confident of achieving our aspiration to serve 5 million patients through our biosimilars portfolio and attaining a revenue target of $1 billion by FY22, thereby creating value for our shareholders who have supported us in this journey.”

Som Krishna, managing director in the Merchant Banking Division at Goldman Sachs, said “The global growth of biosimilars, coupled with collaborative regulatory pathways, is taking place at a rapid pace to drive market competition, budget sustainability for healthcare systems and improved patient access to treatments. Biocon Biologics, with a proven R&D track-record and established worldwide strategic partnerships, is well-positioned and be a major global player in thissegment of the pharmaceutical industry.”

Biocon Biologics has one of the largest biosimilars portfolios globally, spanning recombinant human Insulin (rh-Insulin), insulin analogs, monoclonal antibodies and therapeutic proteins for oncology, immunology and other chronic disease areas.

Published on November 07, 2020

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