The investment, totaling Rs 1,070 crore ($129 mln), is set to facilitate Biocon Biologics' acquisition of the biosimilars business of its partner, Viatris.
India's Kotak Mahindra Group asset management arm said on Wednesday it will invest 10.70 billion rupees ($129 million) in Biocon to help it fund its acquisition of Viatris Inc's biosimilars business.
✔️ The investment will be made by Kotak Special Situations Fund (KSSF), a subsidiary of Kotak Mahindra Bank. KSSF is regulated by the Securities and Exchange Board of India (SEBI), its investment plan was unveiled in February of this year.
✔️ Biocon Biologics is a biosimilars company which is engaged in the manufacture and commercialisation of pharmaceutical formulations.
The CCI's decision to approve the investment comes after a thorough review of the proposed transaction. According to a statement released by the CCI, the activities of the involved parties – KSSF and Biocon Biologics – do not demonstrate any significant horizontal, vertical, or complementary overlaps within the relevant markets. Consequently, the CCI has determined that the transaction does not pose any discernible risk of adversely affecting competition.
The transaction proceeded under a simplified procedure, the green channel route. The green channel route is designed to streamline the approval process for transactions that are deemed to have a minimal impact on competition dynamics. By leveraging this route, the regulatory process is expedited, facilitating smoother and quicker approvals for transactions that meet the requisite criteria.
Source: The Economic Times
