Biocon Ltd in November announced that the board of its subsidiary Biocon Biologics has approved a Rs 1,125 crore ($150 million) capital injection from Goldman Sachs. As per the terms of the proposed agreement, Goldman Sachs will be issued optionally convertible debentures at a post money equity valuation of $3.94 billion. The transaction is subject to customary approvals and conditions.

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said, “We are extremely pleased to welcome a capital injection by Goldman Sachs at this inflection point of Biocon Biologics’ journey in its quest for global leadership in providing affordable access through Biosimilar drugs. This transaction is a part of the overall strategic plan of value creation for our shareholders through Biocon Biologics.”