Mumbai: Biocon Ltd on Thursday said that the board of its subsidiary Biocon Biologics Ltd had approved a primary equity investment of ?555 crore by Abu Dhabi based ADQ.
Biocon Biologics is a fully integrated ‘pure play’ biosimilars organization.
According to a release to the exchange, ADQ will invest ?555 crore for a 1.80% minority stake in the biosimilar business, valuing Biocon Biologics at a post money valuation of $4.17 billion.
“This investment is an endorsement of the value that Biocon Biologics business has built as a fully integrated pure-play biosimilars company and will enable us to expand our capabilities further,” said Kiran Mazumdar-Shaw, executive chairperson of Biocon.
In November, Biocon Biologics Ltd had approved ?1, 125 crore capital injection from Goldman Sachs.
Earlier in July, Tata Capital PE arm picked a minority 0.85% stake for $30 million in the company and in January 2020, True North acquired 2.44% stake in the company for ?536.25 crore, or around $75 million.
Shares of Biocon Ltd lost 1.11% to close at ?454.95 on BSE, while the benchmark index, Sensex lost 0.17% to close at 48093.32 points.
News Source:- livemint