Biocon Biologics gets Rs 536 crore investment from True North Fund
New Delhi: Biocon recently announced that Biocon Biologics India has received the subscription money aggregating to Rs. 536.25 crore from Activ Pine LLP (an affiliate of True North Fund VI LLP).
"Further to our intimation dated January 9, 2020, in relation to execution of a share subscription agreement ("SSA") and a shareholder agreement ("SHA") between Biocon Limited (the "Company"), Biocon Biologics India Limited ("BBIL") and Activ Pine LLP (an affiliate of True North Fund VI LLP), we wish to inform you that the subscription money aggregating to Rs536.25cr have been received by BBIL from Activ Pine LLP," Biocon said in a filling.
Consequently, the Board of BBIL has approved the allotment of 50,25,463 equity shares (Fifty lakhs Twenty Five Thousand Four Hundred and Sixty Three Only) of Rs. 10 each at a price of Rs. 1,067.07 per equity share (including a premium of Rs. 1,057.07 per equity share) to Activ Pine LLP, Biocon added.
Bangalore-based Biocon manufactures generic active pharmaceutical ingredients (APIs). It also manufactures novel biologics, as well as, biosimilar insulins and antibodies, which are sold in India as branded formulations.