Companies

Tata Capital Growth Fund to invest ₹225 cr in Biocon Biologics

PTI Bengaluru | Updated on July 31, 2020 Published on July 31, 2020

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 ₹225 crore for a 0.85 per cent minority stake in the biosimilar business, valuing Biocon Biologics at an equity valuation of ₹26,250 crore and an enterprise valuation of ₹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 $1 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.”

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on July 31, 2020
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.