Transaction values firm at $3.94 billion

Transaction values firm at $3.94 billion

Biocon Ltd. said the board of its subsidiary Biocon Biologics had approved a capital infusion of ₹1,125-crore (about $150 million) from Goldman Sachs.

Goldman Sachs will be issued optionally convertible debentures at a post-money equity valuation of $3.94 billion, Biocon said.

“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.

“With three of our products commercialised in the U.S. 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 footprint,” said Christiane Hamacher, CEO, Biocon Biologics.

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 Ms. Mazumdar-Shaw.