Biocon’s subsidiary raises $30 million from Tata Capital – company’s shares jump by almost 2%
- Biocon’s subsidiary company Biocon Biologics has raised $30 million from Tata Capital Growth Fund, valuing the company at $3.5 billion.
- Biocon’s share price jumped by almost 2% as the news of the funding came in.
- Biocon Biologics claims to hold one of the world’s largest biosimilars portfolios.
Biocon’s share price jumped by almost 2% as the news of the funding came in.
“This equity infusion is the next step in our journey of unlocking value. Through prudent investments in R&D and high-quality manufacturing infrastructure we are confident of achieving our aspiration of serving 5 million patients through our biosimilars portfolio and achieving a target revenue of $1 billion in FY22,” said Dr. Christiane Hamacher, CEO, Biocon Biologics in a statement.
Biocon Biologics claims to hold one of the world’s largest biosimilars portfolios. Biosimilars are medical products that are highly similar to already existing and approved drugs, and they contribute heavily to the company’s revenue.
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“The investment brings together 150+ years of brand equity of Tata’s and a very strong R&D based entrepreneur in Dr Kiran Mazumdar-Shaw with a golden track record of conceptualizing, investing and creating billion-dollar businesses by a meticulous combination of R&D strengths and an exceptional management team,” said Akhil Awasthi, Managing Partner, Tata Growth PE.
The Bengaluru-based biopharmaceutical company Biocon Limited had recently posted 26% fall in profit to ₹167.8 crore in the April and June quarter.
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