Abu Dhabi-based ADQ picks up minority stake in Biocon Biologics for $75 million

ADQ, a prominent Sovereign Fund of the Middle East, has picked up a minority stake of 1.8% in Biocon Biologics, the biosimilar subsidiary of Biocon for $75 million (nearly Rs 555 crore).

The transaction values Biocon Biologics at $4.17 billion, said the company in a press release.

After this transaction, Biocon will hold 89.89% stake in Biocon Biologics on a fully diluted basis.

Biocon Biologics earlier received a total capital infusion of nearly $255 million from True North, Tata Capital Fund and Goldman Sachs.

“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. We are committed to pursue our affordable innovation model to generate savings for the healthcare systems worldwide,” Kiran Mazumdar-Shaw, executive chairperson, Biocon, was quoted saying.

She added that 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”.

Mohamed Hassan Alsuwaidi, chief executive officer, ADQ, said the 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. “While we anticipate this will unlock shareholder value, it will also, importantly, deliver positive socio-economic impact with better health outcomes,” he said.


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