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Tata Capital to acquire minority stake in Biocon Biologics

Friday, 31 Jul 2020

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Tata Capital is set to pick up a minority 0.85 percent stake for USD 30 million in Biocon Biologics. The new round of equity infusion will happen at a valuation of around USD 3.5 billion for Biocon Biologics.

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

Post the completion of the transaction, Biocon will hold 95.25 percent stake in Biocon Biologics.

The fund infusion by Tata Capital is part of a larger USD 200-300 million round the company plans to raise over the next few months as it is planning to float an IPO in the next three years to unlock the value in the subsidiary.

Biocon Biologics is in talks with few other private equity firms interested in acquiring a minority stake in the company,.

Biocon Biologics currently has a product pipeline of 28 molecules, of which it partners with Mylan for 11 of them. Overall, the company is targeting to have at least eight biosimilars being sold in developed markets by the end of FY22 addressing a market opportunity of USD 33 billion.

Biocon Biologics is seeking to continue to deliver at least three additional molecules between FY23 and FY25 and after which it is looking to launch two molecules per year.