Biocon Limited, an innovation-led global biopharmaceuticals company, has announced that the Board of its subsidiary Biocon Biologics Limited has approved a Rs. 1,125 crore capital injection from Goldman Sachs taking the overall valuation to US $3.94 billion.

 

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon 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.”

 

Dr. Christiane Hamacher, CEO, Biocon Biologics said, “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. We are confident of achieving our aspiration of serving 5 million patients through our biosimilars portfolio and attaining a revenue target of US $1 billion by FY22, thereby creating value for our shareholders who have supported us in this journey.”

 

Som Krishna, Managing Director - Merchant Banking Division, Goldman Sachs said, “The global growth of biosimilars, coupled with collaborative regulatory pathways, is taking place at a rapid pace to drive market competition, budget sustainability for healthcare systems and improved patient access to treatments. Biocon Biologics, with a proven R&D track-record and established worldwide strategic partnerships, is well-positioned to continue to grow and be a major global player in this dynamic segment of the pharmaceutical industry.”

 

Biocon Biologics is engaged in developing high-quality, affordable 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 has the full spectrum of insulins (regular, basal and rapid) in its pipeline and the global scale necessary to make a difference to diabetes patients worldwide.