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Biocon Biologics gets Rs 555 cr investment

Biocon Biologics gets Rs 555 cr investment
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Biocon Biologics gets Rs 555 cr investment

Highlights

Biocon on Thursday said Abu Dhabi-based ADQ will invest Rs 555 crore in its subsidiary Biocon Biologics

Hyderabad: Biocon on Thursday said Abu Dhabi-based ADQ will invest Rs 555 crore in its subsidiary Biocon Biologics.

The board of Biocon Biologics has approved a primary equity investment by ADQ, Biocon Ltd said in a statement. As per the terms of the proposed agreement, ADQ will invest Rs 555 crore for a 1.8 per cent minority stake in the biosimilar business, valuing Biocon Biologics at a post money valuation of $4.17 billion, it added.

The transaction is subject to customary condition precedents and approvals and if it goes through, Biocon's stake would come down to 89.89 per cent in Biocon Biologics on a fully diluted basis. "The current investment has put post money valuation of Biocon Biologics at $4.17 billion," Biocon's Executive Chairperson Kiran Mazumdar-Shaw said.

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