True North to pick 2.44% stake for Rs 536.25 crore in Biocon Biologics

Deal values Biocon Biologics at $ 3 billion

Private equity (PE) player True North is set to pick up a minority 2.44 per cent stake for Rs 536.25 crore in Biocon Biologics India Ltd., subsidiary of the Bengaluru-based global biopharmaceuticals company Biocon Ltd. 

Biocon Biologics' Board of Directors on Monday approved the primary equity investment by True North, with the deal valuing the company at Rs 21450 crore or $3 billion on a pre-money equity basis. According to an official communique by the company, True North's will invest in the biosimilars business post all restructuring, including the filed merger of Biocon Research Ltd with Biocon Biologics.

The transaction is subject