Biocon Biologics India Ltd entered into an agreement to acquire biosimilars business from Biocon Limited for INR 5.8 billion on January 22, 2018. Under the terms of transaction, Biocon Biologics India Ltd will pay the consideration in cash by Biocon Biologics India Ltd by availing debt or issue of non-convertible redeemable preference shares to Biocon Limited. For the year ended March 31, 2017, biosimilars business of Biocon Limited reported revenue of INR 4.6 billion.

The transaction is subject to approval from Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers and Government of India. The transaction has been approved by the Board of Directors and shareholder of Biocon Biologics. The transaction is expected to be completed by three to four months from the date of signing the agreement and obtaining approvals.

Herbert Smith Freehills advising Goldman Sachs (India), alternative Investment Management Private Limited, in its capacity as a shareholder in Biocon Biologics India Ltd.