True North to invest Rs 536.25 cr in Biocon Biologics for a 2.44% stake

Valuing Bicoon Biologics at Rs 21450 cr

Biocon announced that the Board of its subsidiary Biocon Biologics India has approved a primary equity investment by True North. As per the terms of the proposed agreement, True North will invest Rs 536.25 crore that will eventually translate to a 2.44% minority stake in the biosimilars business post all restructuring, including the filed merger of Biocon Research with Biocon Biologics, valuing Biocon Biologics at Rs 21,450 crore or ~USD 3 billion on a pre-money equity basis.

The transaction is subject to standard condition precedents including regulatory approvals. Post the completion of this transaction, Biocon will hold 96.07% stake in Biocon Biologic

 

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