Bengaluru Biocon Ltd, the bio-pharmaceuticals company, on Saturday announced that the board of its subsidiary Biocon Biologics has approved a ₹1,125 crore (~$ 150 million) capital infusion from Goldman Sachs.
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. The transaction is subject to customary approvals and conditions, as per Biocon.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said, “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: “With three of our products commercialised in the US market, we 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.”
The company was confident of achieving its aspiration of serving five million patients through its biosimilars portfolio and attaining a revenue target of $1 billion by FY22, added Mr. Mazumdar-Shaw.