Biotechnology major Biocon on Monday said private equity firm True North will invest Rs 536.25 crore to acquire 2.44 percent stake in its arm Biocon Biologics, valuing the subsidiary at Rs 21,450 crore on a pre-money equity basis.
In similar vein, Biocon Biologics CEO Christiane Hamacher said the investment by True North in Biocon Biologics reflects a high level of conviction in Biocon Biologics' status as a global frontrunner in biosimilars that is leveraging its large-scale manufacturing capabilities to shift the access paradigm for these life-saving therapies.
True North is happy to associate with them for the third time through this investment in Biocon Biologics. Biosimilars is a fast-growing industry that addresses a fundamental need of bringing affordability to specialised effective biologic products, he added.
Biocon Biologics has a product pipeline of 28 molecules, including 11 with Mylan, several with Sandoz, and is developing many independently.