BRIEF—Biocon Biologics receives equity investment

Biocon Biologics India, a subsidiary of India’s Biocon, has received an equity investment from True North worth around $75 million, subject to standard closing conditions.

True North will receive a stake of around 2.44% in the biosimilars business, valuing the company at about $3 billion on a pre-money equity basis.

Biocon managing director Kiran Mazumdar-Shaw said: “This investment is an endorsement of the value that Biocon Biologics has demonstrated as a global biosimilars player, having commercialized three of its molecules in developed markets.”