Latest News | Biocon Biologics Approves Primary Equity Investment by ADQ Worth Rs 555 Crore

Bengaluru, Jan 7 (PTI) Biocon Limited on Thursday announced that its subsidiary Biocon Biologics Ltd has approved a primary equity investment by Abu Dhabi-based 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 per cent minority stake in the biosimilar business, valuing Biocon Biologics at a post money valuation of USD 4.17 billion, Biocon said in a statement.

The transaction is subject to customary condition precedents and approvals, the company said.

Post the completion of this transaction, Biocon Ltd will hold 89.89 per cent stake in Biocon Biologics on a fully diluted basis, it added.

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said, "We welcome ADQ as our investment partner as we pursue our shared goal of expanding access to high quality affordable biopharmaceuticals to patients across the globe."

She said the current investment has put post money valuation of Biocon Biologics at USD 4.17 billion.

Mohamed Hassan Alsuwaidi, Chief Executive Officer of ADQ, said, "Our long-term ambition for ADQs healthcare and pharma portfolio is to create a provision-centred, digitally enhanced ecosystem that is anchored in world-class clinical excellence, effective population health management and resilient supply chain infrastructure."PTI GMS SS

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)