Biocon Biologics gets Rs 1,125 Cr capital infusion from Goldman Sachs
Biocon has announced that its subsidiary Biocon Biologics has approved a Rs 1,125 crore investment from Goldman Sachs. This capital injection by Goldman Sachs will enable Biocon Biologics to make prudent investments in R&D, high-quality manufacturing, and establish a global commercial footprint. As per terms of the proposed agreement, Goldman Sachs will be issued Optionally Convertible Debentures at a post money equity valuation of $3.94 billion, a statement said.
This transaction is a part of the overall strategic plan of value creation for the company's shareholders through Biocon Biologics, she added. Biocon Biologics CEO Christiane Hamacher said,"With three of our products commercialised in the US market, we continue to strive towards expanding access for our patients and unlocking value for our shareholders. This capital injection by Goldman Sachs will enable us to make prudent investments in R&D, high-quality manufacturing, as well as establish a global commercial footprint."