New Delhi: Pharmaceuticals major Biocon Ltd on Monday said that its subsidiary Biocon Biologics India has approved the acquisition of 2.44% 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% 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% 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.
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.
