This is the fourth fund raise by the Bengaluru-based company in 12 months. Last year,
players True North and Tata Capital had picked up minority stakes in Biocon Biologics for $75 million and $30 million, respectively. The company board also approved a capital injection of $150 million from global banking and investment firm Goldman Sachs in November.
“The ADQ equity funding in Biocon Biologics endorses the value of our business model and strengthens our resolve to be the global leader in biologics, delivering affordable access to innovative and inclusive healthcare solutions, transforming patients’ lives,” said Christiane Hamacher, CEO & Managing Director, Biocon Biologics.
Biocon Biologics, which plans an IPO, has a platform of 28 biosimilar molecules across diabetes, oncology, immunology, dermatology, ophthalmology, neurology, rheumatology and inflammatory diseases. Last year, its Insulin Glargine was commercialised in the US, which opened up a $2.2 billion opportunity for the R&D rich company. The company is currently working on a pipeline of two more products in the insulin portfolio namely Aspart and Lispro, both rapid acting insulin analogs. The company aspires to transform healthcare through affordable innovative solutions as well as impact five million patients’ lives by FY22.
“Biocon Biologic’s proven R&D track record and partnerships worldwide provide us with an opportunity to benefit from the biosimilar sector that is set to grow as patents of originator biologics expire and patients demand lower priced drugs globally,” said H.E. Mohamed Hassan Alsuwaidi, Chief Executive Officer of ADQ.
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