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True North to invest Rs 536 crore in Biocon Biologics for 2.4 pc stake

Tuesday, January 7, 2020, 7:54 PM

Biopharmaceuticals major Biocon said on Monday the board of its subsidiary Biocon Biologics has approved a primary equity investment by True North which will invest Rs 536.25 crore to pick 2.44% minority stake in the biosimilars business. Post all restructuring, including the filed merger of Biocon Research with Biocon Biologics, this values Biocon Biologics at Rs 21,450 crore on a pre-money equity basis.