Indian private equity firm True North could soon hold a 2.44% minority stake in Biocon Biologics India Ltd, a subsidiary of Biocon Ltd, thanks to a $100-million investment. The influx of cash values Biocon Biologics at close to $3 billion. The investment is pending regulatory approval.
Indian private equity firm True North could soon hold a 2.44% minority stake in Biocon Biologics, after its planned merger with Biocon Research, parent company Biocon Ltd said in a statement. This is thanks to a $100-million investment approved by the Biocon Biologics Ltd board, which values Biocon Biologics at close to $3 billion. The investment is pending regulatory approval.
“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 like EU, U.S., Japan and Australia,” stated Kiran Mazumdar-Shaw, MD, chairperson and managing director, Biocon.
True North has invested in Biocon twice before. In 2014, when it was known as India Value Fund Advisors, the fund acquired an almost 10% stake in Syngene, Biocon’s contract research arm, and in 2003, it invested in Biocon in a pre-IPO round (the company went public in 2004).
“Biosimilars is a fast growing industry that addresses a fundamental need of bringing affordability to specialized effective biologic products. Biocon Biologics has been one of the global leaders with their early success in developing and commercializing multiple products across geographies,” added Satish Chander, partner, True North.
The current investment also represents the initial move in a new round of fundraising in 2020 that could bring in $200 million to $300 million for Biocon Biologics. Other potential investors include Temasek Holdings, a Singapore government-owned investment firm, and CDC, the UK government’s investment arm. The Biologics arm of Biocon has seen enormous growth since it was formed in 2017, and it is on target to hit $1 billion in revenue in fiscal year 2022.
Thanks to its partnership with Mylan, Biocon received its first FDA approval in 2017 for the biosimilar trastuzumab, Ogivri, which recently became commercially available in the United States. The biosimilar pegfilgrastim, Fulphila—the first biosimilar to pegfilgrastim available in the United States—was approved in 2018, and Biocon’s manufacturing facility for it this past November. Altogether, Mylan and Biocon Biologics have produced 11 molecules.
Spanish Real-World Study: Adalimumab Biosimilar MSB11022 Safe, Effective in IBD
May 18th 2024A real-world study in Spain on inflammatory bowel disease (IBD) patients found no meaningful changes in clinical or biochemical markers or differences in effectiveness between the adalimumab originator and the biosimilar MSB11022 (Idacio; Fresenius Kabi) in adalimumab-naïve patients.
Biosimilars Policy Roundup for April 2024—Podcast Edition
May 5th 2024On this episode of Not So Different, The Center for Biosimilars® glances back at all the major biosimilar policy updates from April, including 2 FDA approvals, 1 European approval, and several insights into possible policy changes from the Festival of Biologics USA conference.
Panelists Call for Consistent Education, Support to Improve Patient Comfort With Biosimilars
May 15th 2024At the Festival of Biologics USA, panelists stressed the need for patient-centered communication and education to boost comfort with biosimilars, emphasizing consistent support from health care providers despite restrictive payer policies.
Survey Finds Korean Oncologists Trust Biosimilars But Prescribe Originators More
May 13th 2024A Korean survey found that while most oncologists believe biosimilars are just as safe and effective as originator drugs, they often prescribe the originators due to factors like lack of patient trust in biosimilars and lower than expected cost savings.
Patients With IBD Experience Nocebo Effect Post Mandatory Switch to Biosimilar
May 11th 2024In Canada, a study on patients with inflammatory bowel disease (IBD) switching to infliximab or adalimumab biosimilars found no change in clinical remission or antidrug antibodies after 24 weeks, but 13% experienced the nocebo effect, leading to one-fifth discontinuing therapy.