Biocon announced that the Board of its subsidiary Biocon Biologics India (Biocon Biologics) has approved a primary equity investment by Tata Capital Growth Fund.
As per the terms of the proposed agreement, Tata Capital will invest Rs 225 crore for a 0.85% minority stake in the biosimilar business, valuing Biocon Biologics at an equity valuation of Rs 26,250 crore, or ~USD 3.5 billion, and an enterprise valuation of Rs 30,400 crore, or ~USD 4.0 billion.
The transaction is subject to standard condition precedents and approvals. Post the completion of this transaction, Biocon will hold 95.25% stake in Biocon Biologics.
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