Biocon biologics gets investment of $150 million

Biocon biologics gets investment of $150 million

On October 1, Moneycontrol was the first to announce the deal and suggested that the management of Biocon biologics was eager to get on board a global blue chip investor such as Goldman Sachs for its IPO-bound subsidiary.

Biocon Biologics, Biocon’s biosimilar arm, has secured Wall Street behemoth Goldman Sachs funding of $150 million ( Rs 1,125 crore), valuing the business at approximately $ 4 billion. Optional convertible debentures will be given to Goldman.

As per the terms of the proposed agreement, at a post money equity value of $3.94 billion, Goldman Sachs will be issued Optionally Convertible Debentures. Customary permits and conditions are subject to the transaction.

We believe Goldman Sachs’ capital infusion in Biocon Biologics demonstrates the confidence that large global institutions have in our capability to become a global leader in Biosimilars. With three of our products commercialized in the US market, we continue to strive towards expanding access for our patients and unlocking value for our shareholders. This capital injection by Goldman Sachs will enable us to make prudent investments in R&D, high-quality manufacturing, as well as, establish a global commercial footprint. We are confident of achieving our aspiration of serving 5 million patients through our biosimilars portfolio and attaining a revenue target of $1 billion by FY22, thereby creating value for our shareholders who have supported us in this journey,”

Dr. Christiane Hamacher, CEO.

Biocon Biologics :Overview

Biocon Biologics is interested in the development of high-quality, accessible biosimilars that extend patient access around the world to a cutting-edge class of therapies. The firm has one of the world’s largest biosimilar portfolios, covering recombinant human insulin (rh-insulin), insulin analogues, monoclonal antibodies, and therapeutic proteins for oncology, immunology, and other areas of chronic disease.

Biocon Biologics has in its pipeline the full range of insulin (regular, basal, and rapid) and the global scope required to make a difference to patients with diabetes worldwide. Biocon Biologics is well placed to broaden access with the market for biosimilars set to rise as patents of originator biologics expire and patients demand lower priced drugs.

Biocon Biologics’ Insulin Glargine has recently been sold in the US, making it the first Indian company to enable affordable access through its partner Mylan to three products: a biosimilar monoclonal antibody (Trastuzumab), a therapeutic protein (Pegfilgrastim) and an insulin analogue (Glargine) for pa


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