The Board of Biocon Biologics Ltd has approved a Rs 1,125 Crore (~USD 150 million) capital injection from Goldman Sachs.
Biocon Biologics is a subsidiary of Indian biopharmaceutical major Biocon Ltd and it is positioned as a fully integrated ‘pure play’ biosimilars organization in the world.
According to the terms of the proposed agreement, Goldman Sachs will be issued Optionally Convertible Debentures at a post money equity valuation of USD 3.94 Billion.
The transaction is subject to customary approvals and conditions.
Talking about the development, Biocon Executive Chairperson Kiran Mazumdar-Shaw said, “we are extremely pleased to welcome a capital injection by Goldman Sachs at this inflection point of Biocon Biologics’ journey in its quest for global leadership in providing affordable access through Biosimilar drugs. This transaction is a part of the overall strategic plan of value creation for our shareholders through Biocon Biologics.”
According to Dr Christiane Hamacher, CEO, Biocon Biologics: “We believe Goldman Sachs’ capital infusion in Biocon Biologics demonstrates the confidence that large global institutions have in our capability to become a global leader in Biosimilars.”
United States market
Hamacher said that with three of their products commercialized in the United States market, they continue to strive towards expanding access for our patients and unlocking value for our shareholders.
“This capital injection by Goldman Sachs will enable us to make prudent investments in R&D, high-quality manufacturing, as well as, establish a global commercial footprint,” she added.
Biocon Biologics is engaged in developing affordable, high-quality 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 Biologics’ Insulin Glargine has been recently commercialized in the United States market. This makes it the only company from India to enable affordable access to three products such as a biosimilar monoclonal antibody (Trastuzumab), a therapeutic protein (Pegfilgrastim) and an Insulin analog (Glargine) for patients in the United States, through its partner Mylan.
(With inputs from The OnLook News Research Bureau)