Tata Capital will invest Rs 225 crore or $30 million for a 0.85 per cent stake in Biocon's biosimilar business Biocon Biologics, valuing the company at $3.5 billion.The transaction is subject to standard condition precedents and approvals. Post the completion of this transaction, Biocon will hold 95.25 per cent stake in Biocon Biologics.
"We appreciate the conviction of our institutional investors in the ‘value creation’ story of Biocon Biologics as a fully integrated ‘pure-play’ global biosimilars company. This equity infusion is the next step in our journey of unlocking value.
Through prudent investments in R&D and high-quality manufacturing infrastructure we are confident of achieving our aspiration of serving 5 million patients through our biosimilars portfolio and achieving a target revenue of $1 billion in FY22,” Dr. Christiane Hamacher, CEO, Biocon Biologics, said in a statement.