Biocon sells Rs 530cr stake in subsidiary to True North; share price falls 5%

biocon

Biocon share price fell nearly 5 percent intraday on January 6 after the firm sold a minority stake in biopharmaceutical arm to True North.

As per the company’s press release, True North has acquired 2.44 percent stake in Biocon Biologics for Rs 536.25 crore.

“This investment is an endorsement of the value that Biocon Biologics has demonstrated as a global biosimilars player, having commercialised three of its molecules in developed markets like EU, 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,” said Kiran Mazumdar-Shaw, Chairperson & Managing Director, Biocon in the press release.

Biocon Biologics is a fully-integrated “pure-play” biosimilars organisation globally committed to transforming patient lives through innovative and inclusive healthcare solutions. It is engaged in developing high-quality, affordable biosimilars aimed at expanding patient access to a cutting-edge class of therapies across the world.

At 1505 hrs, Biocon down 3.9 percent at Rs 289.2 on the NSE.

News Source:- Moneycontrol

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