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Kotak Special Situations Fund invests Rs 1070 cr in bio-pharma firm Biocon
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Kotak Special Situations Fund invests Rs 1070 cr in bio-pharma firm Biocon

| @indiablooms | 23 Feb 2023, 12:38 am

Kolkata/IBNS: Kotak Special Situations Fund (KSSF), managed by Kotak Investment Advisors Ltd (KIAL), Wednesday announced an investment of Rs 1,070 crore in Biocon Ltd (BL), according to an official statement.

Biocon will use the proceeds to finance Biocon Biologic’s acquisition of the biosimilars business of its partner Viatris to create a global vertically integrated biosimilars player.

KIAL MD Srini Sriniwasan said, “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. India continues to offer unique and attractive risk-adjusted opportunities for hybrid funding strategies, added Sriniwasan.

KSSF CEO Eshwar Karra, said, “This acquisition financing supports Biocon’s journey of becoming a world-leading, fully integrated biosimilars enterprise.”

Biocon Limited (BL) is an innovation-led 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 Limited (BBL), a subsidiary of Biocon Limited, 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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