True North to invest in Biocon for 2.44 per cent stake

According to the press release made by Biocon, True North is set to invest Rs 536.25 crore in Biocon Biologics for stake of 2.44 per cent.

The Board of Biocon Biologics, which is a subsidiary of approved the primary equity investment by True North. As the investment made by True North will eventually translate into 2.44 per cent stake, which is a minority stake in the biosimilars business post all restructuring, including the filed merger of Biocon Research Ltd and Biocon Biologics as well, thus, valuing Biocon Biologics at Rs 21,450 Crore or US$3 billion on a pre-money equity basis. The transaction is subject to standard condition precedents including regulatory approvals. Biocon will continue to hold 96.07 per cent stake in Biocon Biologics post completion of the transaction.

Biocon Limited is an innovation-led global biopharmaceuticals company, committed to enhancing affordable access to complex therapies for chronic conditions, such as diabetes, cancer, and autoimmune.

Biocon Biologics, which is a leading global insulins player, is uniquely positioned as a fully integrated ‘pure play’ biosimilars organization in the world and aspiring to transform patient lives through innovative and inclusive healthcare solutions.

True North focuses on investing in and transforming mid-sized profitable businesses into world-class industry leaders, having deep knowledge and skills about the Indian markets with successful launch of six separate investment funds with a combined corpus of over US$2.9 billion, including co-investments.

On Monday, the stock of Biocon closed at Rs 288.30, down by 4.24 per cent or Rs 12.75 per share. The 52-week high is Rs 341.43 and 52-week low is Rs 211.30 on the BSE.