For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Tata Capital Growth To Invest Rs 225 Crore In Biocon Biologics

|

On Friday, Biocon Ltd said in a stock exchange filing that the board of its subsidiary Biocon Biologics India has approved a primary equity investment by Tata Capital Growth Fund. As per the agreement, Tata Capital will invest Rs 225 crore for a 0.85 percent minority stake in the biosimilar business, valuing Biocon Biologics at an equity valuation of Rs 26,250 crore ($3.5 billion), and an enterprise valuation of Rs 30,400 crore ($4.0 billion).

 

Tata Capital Growth To Invest Rs 225 Crore In Biocon Biologics

"Post the completion of this transaction, Biocon will hold 95.25 percent stake in Biocon Biologics," the company said in its statement.

"The equity infusion by Tata Capital will enable Biocon Biologics' future growth through prudent capital allocation, while we continue our investments in R&D and manufacturing to meet the growing demands of patients worldwide," it added.

Biocon Biologics, a subsidiary of Biocon Ltd, is engaged in developing high-quality, affordable biosimilars aimed at expanding patient access to a cutting-edge class of therapies across the world.

"The fund is delighted to partner with Biocon Biologics, a pre-eminent player in Biopharmaceuticals on a global scale, as part of our focus on export-oriented manufacturing in world beating companies. The investment brings together 150+ years of brand equity of Tata's and a very strong R&D based entrepreneur in Dr Kiran Mazumdar-Shaw with a golden track record of conceptualizing, investing and creating billion-dollar businesses by a meticulous combination of R&D strengths and an exceptional management team," said Akhil Awasthi, Managing Partner at Tata Growth PE.

Read more about: biocon tata capital
Story first published: Friday, July 31, 2020, 10:13 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X