Biocon to fully acquire Biologics subsidiary; plans $500 mn fundraise

BIOCON Limited on Saturday announced that it will fully integrate its subsidiary, Biocon Biologics Limited (BBL), making it a wholly owned subsidiary of Biocon Limited.

- ENS ECONOMIC BUREAU @New Delhi

This move, which values Biocon Biologics at $5.5 billion, is designed to create a unified global biopharmaceutical leader by simplifying the corporate structure and combining the strengths of the generics and biosimilars businesses.

The integration involves Biocon acquiring the remaining minority stakes in BBL through a combination of share swaps and cash payments. Biocon will acquire the stakes held by Serum Institute Life Sciences (Serum), Tata Capital Growth Fund II (Tata Capital), and Activ Pine LLP (Activ Pine) through a share swap of 70.28 Biocon shares for every 100 Biocon Biologics shares.