On 7th November 2020, Biocon announced that the board of its IPO-bound subsidiary Biocon Biologics has approved a 150 million dollar capital injection from Goldman Sachs.
According to the terms of the proposed agreement, Goldman Sachs will be issued Optionally Convertible Debentures at a post-money equity valuation of 3.94 billion dollars. This transaction will be subject to customary conditions and approvals.
Three Products Of Biocon Biologics Is Commercialized In US Market
Goldman Sachs’s capital injection will enable Biocon to make prudent investments. These investments will be in research and development, in high-quality manufacturing, and also in establishing a global commercial footprint. They are confident of achieving their aspiration and goal of serving 5 million patients through their biosimilars portfolio. They also have the aim of attaining a revenue target of 1 billion dollars by FY22. By this, they will also be creating value for their shareholders who have supported them in this journey.
With an excellent track record in R&D and also worldwide strategic partnerships, the company is in a very good position to continue to grow. And also be a major global player in this dynamic segment of the pharmaceutical industry.
Biocon Biologics is developing high-quality, and affordable biosimilars. These biosimilars will also expand patient access to a cutting-edge class of therapies across the globe.
The company has the full spectrum of insulins in its pipeline and also on a global scale. This is necessary to make a difference to diabetes patients around the world.
It is also the only company from India to enable affordable access to three products. The products are a biosimilar monoclonal antibody, a therapeutic protein, and an Insulin analog. These are for patients in the United States through the company’s partner, Mylan.