Biocon-Biologics Deal To Unlock Shareholder Value, Hulio Under Full Control: Kiran Mazumdar Shaw
Hulio is developed and commercialized by Biocon Biologics (a subsidiary of Biocon Ltd), in partnership with other companies in various global markets.
The Biocon-Biologics deal will unlock and create value for the bio-pharma company's shareholders, according to Kiran Mazumdar-Shaw, Chairperson and Managing Director of India's largest biopharmaceutical company.
Biocon had approved raising up to Rs 4,500 crore via Qualified Institutional Placement in one or more tranches and a Rs 6,950 crore preferential share issue to acquire stakes in Biocon Biologics Ltd, from existing investors, as part of its plan to create a unified global biopharmaceutical leader.
''In terms of our biosimilars business as well as the existing GLPs-1 opportunities ahead, we felt that by combining the two businesses, we would unlock a lot of shareholder value for Biocon as a conglomerate," said Shaw in an exclusive interaction with NDTV Profit on Dec. 23. Shaw added that Hulio as an asset is now under full control of Biocon Ltd.
Biocon-Biologics Deal
On the Biocon-Biologics deal Shaw said, "We believe this creates a much more diversified entity and a simpler elegant model, which helps us to focus on leveraging the opportunity that we have of being uniquely positioned to combine both insulin biosimilars and generic GLP-1s."
According to Shaw, the full integration between Biocon and its subsidiary is a ''big opportunity'' that will drive growth for the conglomerate and also benefit all stakeholders. With this, Biocon will become a unified entity by combining biosimilars and generics in more than 120 countries.
