Mumbai, Feb 22 (PTI) A Kotak Mahindra Bank arm on Wednesday announced a Rs 1,070 crore investment in Biocon to help a subsidiary of the Bengaluru-based company in an acquisition.

The Kotak Special Situations Fund (KSSF) investment will help Biocon Biologics' acquisition of the biosimilars business of its partner Viatris, according to an official statement.

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In November 2022, Biocon Biologics had announced that it has completed acquisition of Viatris' global biosimilars business in a multi-billion dollar deal.

A Kotak Bank statement said Biocon Biologics is a fully integrated biosimilars company that has commercialised eight biosimilars in key emerging and advanced markets such as the US and Europe.

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With this deal, KSSF said it has fully deployed its USD 1 billion corpus.

KSSF chief executive Eshwar Karra said the acquisition financing will support Biocon's journey of becoming a world leading, fully integrated biosimilars enterprise.

"Going forward, Biocon will realise full revenues and profits from this business," KSSF's parent Kotak Investment Advisors' managing director Srini Sriniwasan said.

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