Biocon Biologics approves primary equity investment by ADQ worth Rs 555 crore

Biocon Limited on Thursdayannounced that its subsidiary Biocon Biologics Ltd hasapproved a primary equity investment by Abu Dhabi-based ADQ,one of the region's largest holding companies.

As per the terms of the proposed agreement, ADQ willinvest Rs 555 Crore for a 1.80 per cent minority stake in thebiosimilar business, valuing Biocon Biologics at a post moneyvaluation of USD 4.17 billion, Biocon said in a statement.

The transaction is subject to customary conditionprecedents and approvals, the company said.

Post the completion of this transaction, Biocon Ltdwill hold 89.89 per cent stake in Biocon Biologics on a fullydiluted basis, it added.

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon,said, ''We welcome ADQ as our investment partner as we pursueour shared goal of expanding access to high quality affordablebiopharmaceuticals to patients across the globe.'' She said the current investment has put post moneyvaluation of Biocon Biologics at USD 4.17 billion.

Mohamed Hassan Alsuwaidi, Chief Executive Officer ofADQ, said, ''Our long-term ambition for ADQs healthcare andpharma portfolio is to create a provision-centred, digitallyenhanced ecosystem that is anchored in world-class clinicalexcellence, effective population health management andresilient supply chain infrastructure.''PTI GMS SSPTI PTI.