Bangalore : Indian pharmaceutical company Biocon Ltd on Saturday announced that the Board of its subsidiary Biocon Biologics Ltd (Biocon Biologics) has approved a Rs 1,125 Crore ( about USD 150 million) capital injection from global investment bank Goldman Sachs.
As per the terms of the proposed agreement, Goldman Sachs will be issued Optionally Convertible Debentures at a post money equity valuation of USD 3.94 Billion.
“We are extremely pleased to welcome a capital injection by Goldman Sachs at this inflection point of Biocon Biologics’ journey in its quest for global leadership in providing affordable access through Biosimilar drugs. This transaction is a part of the overall strategic plan of value creation for our shareholders through Biocon Biologics” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon.
Biocon Biologics is engaged in developing high-quality, affordable biosimilars that expand patient access to a cutting-edge class of therapies across the world. The company 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. Biocon Biologics has the full spectrum of insulins (regular, basal and rapid) in its pipeline and the global scale necessary to make a difference to diabetes patients worldwide.