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Kotak Special Situations Fund, managed by Kotak Investment Advisors, has invested ₹1,070 crore in Biocon Ltd, the fund said in a release on Wednesday.
“This investment 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,” said Srini Sriniwasan, MD of Kotak Investment Advisors.
Biocon will use the proceeds to finance Biocon Biologics’ acquisition of the biosimilars business of its partner Viatris to create a global vertically integrated biosimilars player.
The company 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.
With this investment, the $1 billion Kotak Special Situations Fund has been fully committed, Sriniwasan said, adding that India continues to offer unique and attractive risk adjusted opportunities for hybrid funding strategies.
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