Kiran Mazumdar Shaw’s Biocon Biologics to raise Rs $150 mn from Goldman Sachs
Biocon Biologics, a subsidiary of Biocon, will receive capital injection of $150 million (Rs 1,125 crore) from US-based investment bank and financial services company Goldman Sachs against optionally convertible debentures. In an exchange filing, biopharma major Biocon said that the board of its subsidiary Biocon Biologics has approved $150 million capital injection from Goldman Sachs at equity valuation of $3.94 billion. The transaction is subject to customary approvals and conditions.
“As per the terms of the proposed agreement, Goldman Sachs will be issued optionally convertible debentures at a post money equity valuation of $3.94 billion,” Biocon said in a regulatory filing on Saturday.
The development is being seen as a part of the company’s strategy to expand access in US market.
“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,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon.
News Source: Business Standard