Biocon the parent company of Biocon Biologics has approved a capital infusion of Rs 1,125 crores from Goldman Sachs. The investment will help the company in research and development, manufacturing and also help them become commercially viable. Goldman Sachs investment got them optionally convertible debentures of equity evaluated at $3.94 billion.
More about the investment
The executive chairperson of Biocon, Kiran Mazumdar-shaw said how they are glad to welcome Goldman Sach in their journey. The investment will help them to become a world leader and provide everyone with access to cost-effective biosimilar drugs. This is also going to help them to research, manufacture and launch more products in the market.
According to reports, the investment will also help them to increase the value of their company which is a positive thing for shareholders. At present, the co Biocon Biologicsmpany already has 3 products in the US market and soon it will expand its reach to its customers by introducing more.
Future of Biocon Biologics
Biocon Biologics has some huge targets that they have shared. It seems that they are quite optimistic about generating $1 billion in revenue in the FY 2021-22. The company also plans to serve at least 5 million patients by the same time. According to the managing director of Goldman Sachs the growing market of biosimilar products and competition in the market is taking place very rapidly. And at this point, Biocon Biologics has the capability to grow and sustain in the expanding market of biosimilars.
The future of any company is greatly affected by the present and for Biocon biologics, it seems very bright. The company has one of the largest portfolios in the fields and has products ranging from human-insulin, monoclonal antibodies, insulin analogues and many other products at competitive prices. It is also the only Indian company in the US to provide cheap access to many medical products. This includes Insulin analogue, biosimilar monoclonal antibody and also a therapeutic protein.
Since the testing required in the manufacturing of biosimilar drugs is less than normal ones, they re generally 15-20% cheap. This makes them all the more important and helps bring important medicines to a wider range of people. Do you think the sole factor that biosimilar drugs are cheaper than other biologics will help in the growth of the Biocon biologics? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.