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Home Gadgets Abu Dhabi-based ADQ picks up minority stake in Biocon Biologics for $75...

Abu Dhabi-based ADQ picks up minority stake in Biocon Biologics for $75 million


ADQ, a outstanding Sovereign Fund of the Center East, has picked up a minority stake of 1.8% in Biocon Biologics, the biosimilar subsidiary of Biocon for $75 million (practically Rs 555 crore).

The transaction values Biocon Biologics at $4.17 billion, stated the corporate in a press launch.

After this transaction, Biocon will maintain 89.89% stake in Biocon Biologics on a totally diluted foundation.

Biocon Biologics earlier acquired a complete capital infusion of practically $255 million from True North, Tata Capital Fund and Goldman Sachs.

“We welcome ADQ as our funding accomplice as we pursue our shared purpose of increasing entry to top quality reasonably priced biopharmaceuticals to sufferers throughout the globe. We’re dedicated to pursue our reasonably priced innovation mannequin to generate financial savings for the healthcare techniques worldwide,” Kiran Mazumdar-Shaw, govt chairperson, Biocon, was quoted saying.

She added that this funding is “an endorsement of the worth that Biocon Biologics enterprise has constructed as a totally built-in pure-play biosimilars firm and can allow us to broaden our capabilities additional”.

Mohamed Hassan Alsuwaidi, chief govt officer, ADQ, stated the long-term ambition for ADQ’s healthcare and pharma portfolio is to create a provision-centred, digitally enhanced ecosystem that’s anchored in world-class scientific excellence, efficient inhabitants well being administration and resilient provide chain infrastructure. “Whereas we anticipate it will unlock shareholder worth, it’ll additionally, importantly, ship constructive socio-economic influence with higher well being outcomes,” he stated.

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