Latest news with #BioconLimited
The Hindu
21 hours ago
- Business
- The Hindu
Biocon raises ₹4,500 crore through QIP
Biocon said it completed its Qualified Institutions Placement (QIP) and raised ₹4,500 crore through the issuance of 13,63,63,635 equity shares of face value ₹5 each to eligible qualified institutional buyers at the issue price of ₹330 per equity share (including a premium of ₹325 per equity share). The QIP, which opened on June 16 and closed on June 19, witnessed robust investor interest from a diverse group of domestic and international investors, underscoring strong confidence in Biocon's growth prospects, said the company on Friday. Siddharth Mittal, CEO and Managing Director, Biocon Limited, said, 'The strong response to our QIP reflects deep investor conviction in Biocon's differentiated strategy and consistent execution. This capital raise further strengthens our balance sheet, enabling us to invest in innovation, expand global access to lifesaving biopharmaceuticals, and advance our purpose of delivering affordable healthcare solutions that address pressing health inequities worldwide.' According to the company, this fundraise, the first equity fundraise done by Biocon since its IPO in 2004, demonstrates the company's access to a diversified equity pool of capital. The final order book was well diversified in terms of investor type across domestic mutual funds, insurance companies and foreign institutional investors. Some of the leading names who participated in the issue included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Life Insurance, Nippon India Mutual Fund, Mirae Asset Mutual Fund, Aditya Birla Mutual Fund, Franklin Templeton, SBI General Insurance, Government Pension Fund Global and Blackrock, the biotech firm further said. The proceeds from the QIP would be utilised towards purchase of outstanding optionally convertible debentures issued by Biocon Subsidiary, Biocon Biologics Limited, from Goldman Sachs India AIF Scheme - 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme – 2. Also, proceeds would be used for repayment, pre-payment or redemption, in full or in part, of certain outstanding financial instruments issued and/or borrowings availed by the company, and/or meeting other financial commitments of the company; and for general corporate purposes, as per the company.
Business Upturn
02-06-2025
- Business
- Business Upturn
Biocon receives CDSCO approval for its Liraglutide drug in India
Biocon Limited, a global biopharmaceutical company, has announced that it has received regulatory approval in India for its Liraglutide drug substance. Its wholly owned subsidiary, Biocon Pharma Limited, has also secured approval for the Liraglutide drug product (6 mg/ml solution for injection in pre-filled pen and cartridge) from the Central Drugs Standard Control Organisation (CDSCO). The product is a generic version of Victoza®, used as an adjunct to diet and exercise to improve glycemic control in adults, adolescents, and children aged 10 years and older with Type 2 Diabetes Mellitus that is not adequately managed. Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, commented, 'The approval of our first vertically integrated GLP-1 in India, Liraglutide, is another significant step forward in expanding access of this product to patients suffering from diabetes. India has one of the highest number of people with diabetes globally, with estimates exceeding 77 million cases, and expected to rise further. The approval enables us to address a critical need by making this drug available, and aligns with Biocon's mission to provide affordable, lifesaving medications to those who need it the most. We are now gearing up to launch the product expeditiously through our commercialization partners in India'' This approval was granted under the CDSCO's recently introduced 101 route. This regulatory pathway allows for the recognition of approvals issued by referenced and established foreign regulatory agencies, thereby facilitating faster access to critical medicines in India. Glucagon-like peptide-1 (GLP-1) therapies, including Liraglutide, are being recognized as a growing segment in diabetes management. Biocon has stated its intent to expand its portfolio in this category as part of its future business strategy. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Mint
28-05-2025
- Business
- Mint
Bengaluru's Kiran Mazumdar-Shaw opts for metro travel over luxury car, accompanied by ‘Namma Metro friend'
Bengaluru billionaire Kiran Mazumdar-Shaw ditched her luxury vehicles for a ride on the city's metro this Tuesday, opting to travel via the Namma Metro purple line to escape Bengaluru's notorious traffic congestion. Sharing her experience on the social media platform X, the Biocon Limited founder expressed surprise at the efficiency of the metro journey and praised the Bangalore Metro Rail Corporation for providing a 'great ride.' Shaw was accompanied by her friend Jennifer Erich, whom she referred to as the 'Iron Lady at Exxon Mobil.' Erich, according to her LinkedIn profile, holds the position of Geoscience Manager at Exxon Mobil's Bengaluru Technology Centre. 'Took the purple line from Whitefield to Vidhana with my Namma Metro friend Jennifer Erich, the Iron Lady of Exxon Mobil. Such a quick way to avoid traffic. Great ride. Thanks BMRCL,' Mazumdar-Shaw wrote on X. Jennifer Erich responded to the post by saying she was happy to have introduced Namma Metro to Shaw. 'So happy to be your Metro Mentor!! Thanks so much for joining me at my office today,' she replied. Online audiences expressed strong appreciation for Kiran Mazumdar-Shaw's humble and relatable gesture. 'Great to see famous personalities doing this and sharing - very important to have more people take public transport,' wrote one person. 'When the affluent, influential, and elite embrace public transport, it catalyzes systemic investment and inspires emulation among the masses, dismantling car-centric aspirations and heralding a shift toward sustainable urban mobility,' another said. What is Namma Metro? Namma Metro, commonly referred to as Bengaluru Metro, is the rapid transit network serving Bengaluru, the capital of Karnataka. The system is managed by the Bangalore Metro Rail Corporation Limited (BMRCL), a partnership between the Government of India and the Government of Karnataka. Currently, Namma Metro operates two lines: the purple line and the green line. Kiran Mazumdar-Shaw is not the first billionaire to opt for public transport. In 2023, real estate tycoon Niranjan Hiranandani took a Mumbai local train to 'save time and beat the traffic.'
United News of India
02-05-2025
- Business
- United News of India
Biocon to invest in Maharashtra, we will support: CM Fadnavis
West Mumbai, May 2 (UNI) India's largest bio-phrmaceutical company Biocon Limited is keen to invest in Maharashtra through a drug manufacturing project, Chief Minister Devendra Fadnavis announced on Friday. promising to provide necessary support for the endeavour. Fadnavis was speaking during a meeting with the Executive Chairman of Biocon Limited, Kiran Shaw Muzumdar, at the 'Waves 2025 Audiovisual Entertainment Summit' here. Fadnavis said state government officials will have preliminary discussions with the Biocon Management Committee in this regard. He said the state government will provide all possible support to Biocon to invest in Maharashtra. Biocon, which will soon become the world's leading company in insulin production, wants to start a production unit in Pune area, said Kiran Majumdar Shaw. UNI VKB SSP Tags: #Biocon to invest in Maharashtra # we will support: CM Fadnavis
Hans India
28-04-2025
- Politics
- Hans India
Kiran Mazumdar Shaw Calls Bengaluru a 'Garbage City,' Check Her Post Here
Kiran Mazumdar-Shaw, Executive Chairperson of Biocon Limited, criticized Bengaluru's condition, stating that the city is becoming a "garbage city" instead of the once-planned Garden City. She shared a video from Lal Bagh and called on citizens to take action and restore the city. Her comments followed BJP MP Tejasvi Surya's letter to Bengaluru Incharge Minister DK Shivakumar and BBMP Commissioner Tushar Girinath. Surya pointed out the poor state of roads and public infrastructure during the TCS World 10K race, mentioning potholes, garbage, and broken footpaths, which he said created a negative image of the city.
