Biocon Biologics Raises INR 555 Crore from Abu Dhabi's ADQ at a Valuation of $4 billion

Biocon Biologics Raises INR 555 Crore from Abu Dhabi's ADQ at a Valuation of $4 billion

Biopharmaceutical giant Biocon’s subsidiary Biocon Biologics Ltd has approved a primary equity investment from ADQ, Abu Dhabi government’s sovereign wealth fund. ADQ will be investing INR 555 crore ($75 MILLION) for a 1.80 percent minority stake. Biocon Biologics is now valued at $4.17 billion.

This capital raise is the fourth fundraise by Biocon Biologics in the last year as the company had raised a total of $225 million during the said time period. In November the company has approved INR 1,125 crore investment from Goldman Sachs in exchange for optionally convertible debentures. Additionally Biocon Biologics had raised $75 million through a primary equity infusion by True North Fund for a 2.44 percent stake, while Tata Capital Growth Fund picked up a 0.85 percent stake for $30 million. The company is said to be on its way to an IPO within the next 2-3 years.

Biocon is a global biopharmaceutical company with a reach of over 120 countries. Biocon Biologics, a subsidiary of Biocon Ltd, is engaged in developing high quality, affordable biosimilars that can expand the access of cutting edge therapies to patients globally.

Speaking about the fundraise, Kiran Mazumdar-Shaw, CEO, Biocon 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”.

H.E. Mohamed Hassan Alsuwaidi, CEO, ADQ, commented, “Our long-term ambition for ADQ’s healthcare and pharma portfolio is to create a provision-centred, digitally-enhanced ecosystem that is anchored in world-class clinical excellence, effective population health management, and resilient supply chain infrastructure. Biocon Biologic’s proven R&D track record and partnerships worldwide provide us with an opportunity to benefit from the biosimilar sector that is set to grow as patents of originator biologics expire and patients demand lower-priced drugs globally.”