Biocon Biologics Receives Further Investment As Value Hits $3.5bn
Tata Capital Takes 0.85% Holding
Biocon has received another influx of cash for its Biocon Biologics biosimilars arm, with a $30m investment from private equity group Tata Capital. Ahead of plans to realize $1bn of sales by its financial year ending March 2022, Biocon has been reorganizing and financing Biocon Biologics, with an initial public offering also on the cards by 2023.
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Biocon has high ambitions for its biosimilars arm, Biocon Biologics, with planned revenues of $1bn by the end its financial year ending in March 2022. The Indian firm, which has collaborated with Mylan for multiple biosimilar launches in developed markets, is aiming to list the business within three years.
Mylan and Biocon have received FDA approval for their Semglee insulin glargine product, with a path to market seemingly clear after Mylan emerged victorious in several recent patent-litigation challenges. Meanwhile, the firm continues to strive towards an interchangeability designation that would make it a much more valuable opportunity.
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.