Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

True North to Invest Rs 536.25 Crore in Biocon Biologics for 2.44% Stake

Posted On: 2020-01-06 16:26:22

Biocon Ltd (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceuticals company, today announced that the Board of its subsidiary Biocon Biologics India Ltd (Biocon Biologics) has approved a primary equity investment by True North. As per the terms of the proposed agreement, True North will invest Rs 536.25 Crore that will eventually translate to a 2.44% minority stake in the biosimilars business post all restructuring, including the filed merger of Biocon Research Ltd with Biocon Biologics, valuing Biocon Biologics at Rs 21,450 Crore or ~USD 3 billion on a pre-money equity basis.

The transaction is subject to standard condition precedents including regulatory approvals. Post the completion of this transaction, Biocon will hold 96.07% stake in Biocon Biologics.

Kiran Mazumdar-Shaw, Chairperson & Managing Director, Biocon said, "We are extremely pleased to welcome back True North as a shareholder in our group. True North has been a committed investor in both Biocon and Syngene prior to listing. This investment is an endorsement of the value that Biocon Biologics has demonstrated as a global biosimilars player, having commercialized three of its molecules in developed markets like EU, U.S., Japan and Australia. This is at an important inflection point as we gain commercial success with our first wave of Biosimilar products and invest in the long term through broadening our pipeline, expanding our manufacturing capacity and increasing our commercial footprint. We have thus started the value unlocking process with the aim of investing, competing and winning in the large and growing opportunity for biosimilars."

Dr. Christiane Hamacher, CEO, Biocon Biologics, said, "The investment by True North in Biocon Biologics is an exciting development, which validates our science, scale, scope and strategy. It also reflects a high level of conviction in Biocon Biologics' status as a global frontrunner in biosimilars that is leveraging its large scale manufacturing capabilities to shift the access paradigm for these life-saving therapies. Through prudent investments in R&D, high quality manufacturing infrastructure as well as commercial and market access infrastructure, we are confident of achieving our aspirational goal of serving 5 million patients through our biosimilars portfolio and reaching our aspirational revenue target of USD 1 billion in FY22."

Chinappa M.B., CFO, Biocon Biologics, said, "The equity infusion by True North will enable expansion of our R&D and manufacturing capabilities to meet the growing demands of patients worldwide. It will fuel the future growth of the business as we pursue our mission to establish Biocon Biologics as a leading global player in biosimilars. The pre-money equity valuation reflects the confidence in Biocon Biologics' current business and future prospects."

Satish Chander, Partner, True North, said, "Healthcare and Life Sciences has been a focus sector for True North with investment of USD 600 million across 10 companies till date. True North has had a long successful association with Kiran Mazumdar-Shaw and the entire Biocon team and see them as pioneers and leaders in specialized niches. We truly admire their ability in incubating and scaling up new focused businesses and we have had the opportunity to invest earlier in two such businesses - Biocon and Syngene. We are happy to associate with them for the third time through this investment in Biocon Biologics. Biosimilars is a fast growing industry that addresses a fundamental need of bringing affordability to specialized effective biologic products. Biocon Biologics has been one of the global leaders with their early success in developing and commercializing multiple products across geographies. We are very excited at this opportunity to partner with Biocon Biologics which is poised for explosive growth."

Biocon Biologics is a fully-integrated 'pure play' biosimilars organisation globally committed towards transforming patient lives through innovative and inclusive healthcare solutions. It is engaged in developing high-quality, affordable biosimilars aimed at expanding patient access to cutting-edge class of therapies across the world.

Biocon Biologics has one of the largest biosimilars portfolios, a wide global footprint, stateof-the-art manufacturing facilities, world-class R&D ecosystem, and high quality & compliance standards, enabling it to fulfil unmet needs of patients across the globe. It has a product pipeline of 28 molecules, including 11 with Mylan, several with Sandoz, and is developing many independently. The Company's therapeutic basket includes molecules for diabetes, oncology, immunology, dermatology, ophthalmology, neurology, rheumatology and inflammatory diseases. So far, the company has commercialized five biosimilars: Trastuzumab, Pegfilgrastim, Bevacizumab, rh-Insulin and Insulin Glargine, in several markets worldwide. The company has commercialised three biosimilars in the developed markets like the EU, Australia, U.S. and Japan.

With the scientific capabilities, scale of manufacturing, large product pipeline, strong talent pool and expertise in developing and commercialising biologics, the company aims to serve 5 million patients through its biosimilars and reach USD 1 billion revenue mark in FY22.

Shares of BIOCON LTD. was last trading in BSE at Rs.288.3 as compared to the previous close of Rs. 301.05. The total number of shares traded during the day was 286471 in over 3143 trades.

The stock hit an intraday high of Rs. 302 and intraday low of 285.25. The net turnover during the day was Rs. 83404004.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

IIFL Wealth Management Ltd board declares interim dividend of Rs. 10 for FY 2019-20

IIFL Wealth Management Ltd consolidated Q3 net profit at Rs. 74.15 crore

Piramal Enterprises Limited Rights Issue Over-Subscribed ~1.14 Times

Syngene appoints Jonathan Hunt as Managing Director and Chief Executive Officer

Clarifications on Demand Notice received from DoT on AGRDues

Cipla Ltd updates on USFDA inspection at Goa facility

Cignex Datamatics and Relevance Lab deal not approved by DGSL shareholders; revised terms in discussions

Ujjivan Small Finance Bank Ltd reports Q3 FY2019-20 financial performance

CEAT EBITDA rises in Q3 FY19-20, stands at INR 188 crore

IndiGrid Q3 EBITDA up by 102% YoY

L&T announces Q3 FY2019-20 results

AU Small Finance Bank Ltd Q3 PAT climbs to Rs. 190.19 crore

AXISCADES Engineering Technologies Ltd consolidated net profit at Rs. 8.02 crore in Q3

PRO FIN Capital Services Ltd Q3 consolidated PAT at Rs. 0.82 crore

Raymond Ltd consolidated Q3 PAT at Rs. 195.28 crore

Ozone World Ltd Q3 net profit at Rs. 0.11 crore

Syngene International Ltd reports consolidated Q3 PAT of Rs. 91.8 crore

Victory Paper & Boards India Ltd posts loss in Q3 FY20

Agro Tech Foods Ltd Q3 consolidated net profit declines to Rs. 7.50 crore

Supreme Petrochem Ltd reports net profit of Rs. 2.07 crore in Q3

Cigniti Technologies Ltd Q3 consolidated net profit slips to Rs. 28.11 crore

AXIS Bank Ltd posts Q3 FY20 consolidated PAT of Rs. 1884 crores

CreditAccess Grameen Ltd reports net profit of Rs. 107.99 crore in Q3

Genus Power Infrastructures Ltd consolidated net profit drops to Rs. 16.83 crore in Q3

Ashirwad Capital Ltd Q3 FY20 net profit at Rs. 0.0632 crore

RBL Bank Ltd reports consolidated net profit of Rs. 66.49 crore in Q3

TATA Communications Ltd Q3 consolidated net profit drops YoY

CEAT Ltd consolidated Q3 net profit up at Rs. 52.79 crore

SBI Life Insurance Company Ltd posts Rs. 389.77 crore PAT in Q3

Jindal Drilling & Industries Ltd commences operation rig 'VIRTUE 1'

Solitaire Machine Tools Ltd allotted plot by GIDC

Sharda Cropchem Ltd Board declares Interim Dividend of Rs. 2 for 2019-20

Ashiana Housing Ltd obtains RERA registration for Phase 1 of 'Ashiana Amantran'

HUDCO updates on business in 2019-20

Frontline Corporation Ltd executes target letter of Rs. 26 crores with Bosch Ltd

Motilal Oswal Financial Services Ltd board declares interim dividend of Rs. 4

Ind-Ra affirms Cipla's long-term issuer rating

Man lnfraconstruction Ltd receives LoA for work worth Rs. 78.83 Crore from Indian Port Rail & Ropeway Corporation Limited

Businesses Face a Digital Ceiling in their Transformation Progress, Infosys Digital Radar Reveals

C Vijayakumar, CEO, HCL Technologies Named Chairman of World Economic Forum's IT Governors Community

TCS Consolidates its Growth and Transformation Brand Leadership

Edelweiss Finance & Investments Limited announces Public Issue of Secured Redeemable NCDs amounting to Rs 250 crores

HKG Ltd launches www.funkymobile.in

Sharda Cropchem Ltd Q3 consolidated PAT at Rs. 5.85 crore

VST Industries Ltd posts PAT of Rs. 81.48 crores in Q3

Motilal Oswal Financial Services Ltd Q3 consolidated net profit jumps to Rs. 165.44 crore

Alchemist Corporation Ltd Q3 net profit at Rs. 0.07 crore

Alembic Pharmaceuticals Ltd Q3 consolidated PAT at Rs. 234.19 crore

Asian Paints Ltd consolidated Q3 net profit drops QoQ

Gateway Distriparks Ltd consolidated Q3 net profit at Rs. 16.51 crore







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019