Markets
BSE See NSE See 37,363.43
809.83 (2.22%)

Tata Capital Growth Fund to invest in Biocon Biologics; stock gains

Apurva Joshi
/ Categories: DSIJ Mindshare
Rate this article:
5.0
Tata Capital Growth Fund to invest in Biocon Biologics; stock gains

Tata Capital Growth Fund is set to invest Rs 225 crore (USD 30 million) to buy 0.85 per cent minority stake in Biocon Biologics, which is the subsidiary of Biocon Limited, handling the company’s biosimilar business.

Biocon Biologics’ equity valuation stands at Rs 26,250 crore (USD 3.5 billion) with an enterprise valuation of Rs 30,400 crore (USD 4 billion). Post the completion of this transaction, Biocon will hold a 95.25 per cent stake in Biocon Biologics.

The management of Biocon Biologics informed that the company has emerged as a global biosimilars player with two of its products commercialised in the United States while the launch of its third biosimilar is in the process.

Through prudent investments in R&D and high-quality manufacturing infrastructure, the company aims to serve five million patients through its biosimilars portfolio and clocks a target revenue of USD 1 billion in FY22.

Earlier this month, the company had announced a global collaboration with Voluntis, a leader in digital therapeutics, to develop and distribute innovative digital therapeutics supporting people with diabetes on biologics therapy.

Biocon Biologics is engaged in developing high-quality, affordable biosimilars aimed at expanding patient access to a cutting-edge class of therapies across the world. It has a platform of 28 biosimilar molecules across diabetes, oncology, immunology, dermatology, ophthalmology, neurology, rheumatology, and inflammatory diseases.

On Friday, during the early morning session, Biocon was up by 2 per cent at Rs 411.60 from its previous close of Rs 403.40 on BSE.

Previous Article Q1FY21 results: Reliance Industries net profit increases 30.64 per cent YoY
Next Article Five stocks with selling interest

Please login or register to post comments.

DSIJ MINDSHARE

12345Last