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Goldman Sachs' cap infusion to help Biocon boost R&D, manufacturing: Kiran Mazumdar Shaw

Updated : November 09, 2020 01:54 PM IST

Biocon 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, as well as, establish a global commercial footprint.

As per the terms of the proposed agreement, Goldman Sachs will be issued Optionally Convertible Debentures at a post-money equity valuation of USD 3.94 billion.

“The fund raise is something that we had shared with you a while ago saying that we wanted to have certain benchmark valuations due to which we wanted to raise some capital ahead of initial public offering (IPO),” Kiran Mazumdar Shaw, Executive Chairperson of Biocon said in an interview with CNBC-TV18.

“The Biologics business is a very capital intensive business which requires a huge injection of capital in both R&D as well as manufacturing at a global scale. This is something that we had planned for and we have got very good marquee investors up until now,” she added.

“Q2 has not been a stellar quarter as far as we are concerned, but we expect to deliver better results and better margins for the remaining of this fiscal. We do expect to get back to normalcy by end of this fiscal,” she said.

Watch the video for more

Published : November 09, 2020 01:54 PM IST

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