Biologics Ltd raised a primary equity investment worth Rs 555 Cr from Abu Dhabi-based holding company ADQ for a 1.80 percent minority stake. Following the deal, Biocon Biologics will be valued at $4.17 bn.
The biopharmaceutical firm is involved in developing quality and affordable biosimilars to expand patient access to a cutting-edge class of therapies across the world. The funds raised would be utilised to expand its capabilities.
Commenting on the funding,Biocon Executive Chairperson Kiran Mazumdar-Shaw 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. This investment is an endorsement of the value that Biocon Biologics business has built as a fully-integrated pure-play biosimilars company, and will enable us to expand our capabilities further."