True North to acquire a 2.4% stake in Biocon arm
Bengaluru: Pharmaceuticals major Biocon Ltd on Monday said that its subsidiary Biocon Biologics India has approved the acquisition of 2.44 percent stake in it by private equity firm True North with an investment of Rs 536.25 crore.
In a regulatory filing, Biocon said that the transaction is subject to standard condition precedents including regulatory approvals and post the completion of this transaction, Biocon will hold a 96.07 percent stake in Biocon Biologics. The deal values the unlisted subsidiary at around $3 billion.
“As per the terms of the proposed agreement, True North will invest Rs 536.25 Crore that will eventually translate to a 2.44 percent minority stake in the biosimilars business post all restructuring, including the filed merger of Biocon Research Ltd with Biocon Biologics, valuing Biocon Biologics at Rs 21,450 crore or $3 billion on a pre-money equity basis,” it said. (IANS)