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 secured the latest in a series of investments in its Biocon Biologics subsidiary, from Abu Dhabi based ADQ. The transaction, worth around $75m, values the biosimilars unit at $4.17bn.
Public Company Edition: Three companies postponed or withdrew their offerings, but drug developers continue to pursue IPOs. Also, Biocon, BMS and Epizyme raised money through new debt, Five Prime capitalized on positive data and Synthetic Biologic engaged a strategic advisor.
Goldman Sachs is investing around $150m in Biocon Biologics, valuing the Biocon subsidiary at just under $4bn.