Kotak Bank arm invests Rs 1,070 cr in Biocon for Vaitris acquisition

Mumbai, Feb 22 (PTI) A Kotak Mahindra Bank arm on Wednesday announced a Rs 1,070 crore investment in Biocon to help a subsidiary of the Bengaluru-based company in an acquisition.

The Kotak Special Situations Fund (KSSF) investment will help Biocon Biologics’ acquisition of the biosimilars business of its partner Viatris, according to an official statement.

In November 2022, Biocon Biologics had announced that it has completed acquisition of Viatris’ global biosimilars business in a multi-billion dollar deal.

A Kotak Bank statement said Biocon Biologics is a fully integrated biosimilars company that has commercialised eight biosimilars in key emerging and advanced markets such as the US and Europe.

With this deal, KSSF said it has fully deployed its USD 1 billion corpus.

KSSF chief executive Eshwar Karra said the acquisition financing will support Biocon’s journey of becoming a world leading, fully integrated biosimilars enterprise.

“Going forward, Biocon will realise full revenues and profits from this business,” KSSF’s parent Kotak Investment Advisors’ managing director Srini Sriniwasan said.