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True North to acquire 2.4% stake in Biocon arm
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SME Times News Bureau | 06 Jan, 2020
Pharmaceuticals major Biocon Ltd on Monday said that its subsidiary
Biocon Biologics India has approved the acquisition of 2.44 per cent
stake in it by private equity firm True North with an investment of Rs
536.25 crore.
In a regulatory filing, Biocon said that the
transaction is subject to standard condition precedents including
regulatory approvals and post the completion of this transaction, Biocon
will hold 96.07 per cent stake in Biocon Biologics. The deal values the
unlisted subsidiary at around $3 billion.
"As per the terms of
the proposed agreement, True North will invest Rs 536.25 Crore that will
eventually translate to a 2.44 per cent minority stake in the
biosimilars business post all restructuring, including the filed merger
of Biocon Research Ltd with Biocon Biologics, valuing Biocon Biologics
at Rs 21,450 crore or $3 billion on a pre-money equity basis," it said.
Commenting
on the development, Kiran Mazumdar Shaw, Chairperson and Managing
Director of Biocon said: "This investment is an endorsement of the value
that Biocon Biologics has demonstrated as a global biosimilars player,
having commercializsd three of its molecules in developed markets like
EU, the US, Japan and Australia. This is at an important inflection
point as we gain commercial success with our first wave of Biosimilar
products and invest in the long term through broadening our pipeline,
expanding our manufacturing capacity and increasing our commercial
footprint."
Biocon Biologics is a fully-integrated ‘pure play'
biosimilars organisation and is engaged in developing high-quality,
affordable biosimilars aimed at expanding patient access to cutting-edge
class of therapies across the world.
True North is an investment company focussed on investing in and transforming mid-sized profitable businesses.
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