Kotak Special Situations Fund, managed by Kotak Investment Advisors, on Wednesday announced an investment of Rs 1,070 crore in Biocon.

The proceeds will be used to finance Biocon Biologics’ acquisition of the biosimilars business of its partner Viatris to create a global vertically integrated biosimilars player.

With the current investment in Biocon, the Kotak Special Situation Fund has deployed 100% of its corpus of $1 billion.

“This investment in Biocon comes at a pivotal point when Biocon is forward integrating its biosimilars business. Going forward Biocon will realize full revenues and profits from this business. With this, the USD 1 billion Kotak Special Situations Fund is fully committed,” Srini Sriniwasan, Managing Director of Kotak Investment Advisors, said.

Eshwar Karra, CEO – Kotak Special Situations Fund at Kotak Investment Advisors said, “We are delighted to partner with Biocon and this acquisition financing supports Biocon’s journey of becoming a world leading, fully integrated biosimilars enterprise.”

In Q3FY23, Biocon posted a net loss of Rs 42 crore as against a profit of Rs 187 crore in the same period of the previous year.

Its revenue from operations surged 35% YoY to Rs 2,941 crore for the third quarter under review, compared with Rs 2,174 crore in the last-year period. The company’s EBITDA rose 35% year-on-year to Rs 723 crore for the quarter with a healthy EBITDA margin of 24%.In today’s trade, shares of Biocon closed 2.16% lower at Rs 222.15 on BSE.

Biocon is a global bio-pharmaceuticals company that has developed and commercialized novel biologics, biosimilars and complex small molecule APIs in India and global markets, and generic formulations in US and Europe.

Biocon Biologics, a subsidiary of Biocon, is a fully integrated global biosimilars company that has commercialized eight biosimilars in key emerging and advanced markets such as the US and Europe and has a pipeline of 20 biosimilar assets across diabetology, oncology, immunology and other non-communicable diseases.


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