Biocon Biologics Gets True North Investment
Subsidiary Valued At $3bn As New Biosphere Unit Set Up
Private equity group True North continues to back the Biocon group and is picking up a minority stake in Biocon Biologics in a deal that values the subsidiary at $3bn. Separately, another subsidiary, Biocon Biosphere, has also been set up as part of efforts to unlock the full potential of the business.
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Biocon’s fourth-quarter earnings were impacted by pandemic-related disruptions, especially its biologics arm, but the Indian firm anticipates a “good recovery.” All eyes will be on the anticipated US launch of biosimilar insulin glargine and its interchangeability status, while the company remains confident of delivering a $1bn FY2022 revenue target for biologics.
Biocon and Mylan press ahead with plans to broaden patient access in the US to biosimilar pegfilgrastim and are enthused with the initial uptake for their trastuzumab biosimilar ahead of more upcoming competition. A mid-2020 US launch for partnered insulin glargine is also on course.
Glenmark has struck a deal with private equity firm True North for its gynecology business in India and Nepal.