Biocon announced that the board of its subsidiary Biocon Biologics has approved a primary equity investment by Abu Dhabi based ADQ (ADQ), one of the region's largest holding companies.
As per the terms of the proposed agreement, ADQ will invest Rs 555 crore for a 1.80% minority stake in the biosimilar business, valuing Biocon Biologics at a post money valuation of about $4.17 billion. Post the completion of this transaction, Biocon will hold 89.89% stake in Biocon Biologics on a fully diluted basis. Established in Abu Dhabi in 2018, ADQ is one of the region's largest holding companies with direct and indirect investments in more than 90 companies locally and internationally.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said this investment is an endorsement of the value that Biocon Biologics business has built as a fully integrated pure-play biosimilars company and will enable us to expand our capabilities further.
The announcement was made after market hours yesterday, 7 January 2021. Shares of Biocon lost 1.11% to settle at Rs 454.95 yesterday.
Biocon Biologics is engaged in developing high-quality, affordable biosimilars that expand patient access to a cutting-edge class of therapies across the world. The company has one of the largest biosimilars portfolios globally, spanning recombinant human Insulin (rh-Insulin), insulin analogs, monoclonal antibodies and therapeutic proteins for oncology, immunology and other chronic disease areas.
Biocon is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune.
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