In July 2020, the board of Biocon Biologics India approved a primary equity investment by Tata Capital Growth Fund. As per the terms of the proposed agreement, Tata Capital will invest Rs 225 crore for a 0.85% minority stake in the biosimilar business, valuing Biocon Biologics at an equity valuation of Rs 26,250 crore, or $3.5 billion, and an enterprise valuation of Rs 30,400 crore, or $4 billion. Post the completion of this transaction, Biocon will hold 95.25% stake in Biocon Biologics.

Biocon Biologics is engaged in developing affordable biosimilars aimed at expanding patient access to therapies across the world. The equity infusion by Tata Capital will enable Biocon Biologics' future growth through prudent capital allocation, while it continues its investments in R&D and manufacturing to meet the growing demands of patients worldwide.

Shares of Biocon slipped 0.94% to Rs 421.40 on the BSE. It traded in the range of 418.80 and 434.15 during the day.

Biocon is a fully integrated, innovation-led global biopharmaceuticals company. Its consolidated net profit fell 28% to Rs 149 crore on a 15% rise in revenue from operations to Rs 1671 crore in Q1 FY21 over Q1 FY20.

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Biocon announced that with relation to execution of a share subscriptionagreement (SSA) and a shareholders' agreement (SHA) between Biocon (the Company), Biocon Biologics India (BBIL), Activ Pine LLP (Existing Investor) and Tata Capital Growth Fund II (Investor) as applicable, the subscription money aggregating to Rs. 225 crore have been received by BBIL from the Investor.

Consequently, the Board of BBIL has approved the allotment of 88,30,456 equity shares of Rs. 10 each at an issue price of Rs. 254.80/- per equity share (including a premium of Rs. 244.80/- per equity share) to the Investor.

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Semglee (insulin glargine injection), which received final approval from the US Food and Drug Administration (FDA), helps in controling high blood sugar in adult and pediatric patients with type 1 diabetes and adults with type 2 diabetes. It is not recommended for the treatment of diabetic ketoacidosis.

Semglee has an identical amino acid sequence to Sanofi's Lantus and is approved for the same indications. Sanofi's total IQVIA sales for the 12 months ending 30 June 2020 were approximately $1.64 billion for Lantus 100 Units/mL Vial and approximately $4.36 billion for Lantus SoloSTAR Pen.

To encourage broad patient access to this important medicine, Mylan is offering Semglee at a wholesale acquisition cost (WAC) of $147.98 per package of five 3ml pens and $98.65 per 10ml vial, representing the lowest WAC for any long-acting insulin glargine on the market. The list price of Semglee pen is equivalent to the Lantus launch price in 2007, and the Semglee vial is listed at Lantus's 2010 pricing. Eligible patients may also qualify for patient assistance and/or a co-pay card, similar to other medications in this class. Additionally, Mylan has submitted to FDA all necessary documentation to request approval of Semglee as a biosimilar to Lantus under the 351(k) pathway and remains confident in seeking an interchangeability designation.

Mylan and Biocon Biologic's insulin glargine has received regulatory approval in more than 45 countries around the world and is the third product approved by FDA through the Mylan-Biocon Biologics collaboration.

Biocon is a fully integrated, innovation-led global biopharmaceuticals company. The biopharmaceuticals company's consolidated net profit fell 28% to Rs 149 crore on a 15% rise in revenue from operations to Rs 1671 crore in Q1 FY21 over Q1 FY20.

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Biocon Biologics, a subsidiary of Biocon, and Mylan N.V. announced the U.S. launch of Semglee™ (insulin glargine injection) in vial and pre-filled pen presentations, approved to help control high blood sugar in adult and pediatric patients with type 1 diabetes and adults with type 2 diabetes. It is not recommended for the treatment of diabetic ketoacidosis. Semglee, which received final approval from the U.S. Food and Drug Administration (FDA), has an identical amino acid sequence to Sanofi's Lantus® and isapproved for the same indications.

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