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Biocon may further defer biologics business IPO, says Kiran Mazumdar Shaw

Biocon’s revenue from the biologics business in Q3FY21 was Rs 769 Crore, a 11 percent increase year-on-year and 14 percent rise quarter-on-quarter, Biocon said in a BSE filing.

January 25, 2021 / 02:55 PM IST
 
 
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Biocon Chairperson Kiran Mazumdar Shaw said the initial public offering (IPO) of the company’s biologics business might be deferred by a few quarters if it did not meet the required growth trajectory.

"We need a higher pace of growth," she told The Times of India.

The listing of Biocon Biologics, a subsidiary of Biocon, has already been delayed due to the COVID-19 pandemic.

Also read: Sovereign wealth fund ADQ to invest $75 million in Biocon Biologics, deal values firm at around $4 billion

Revenue from the biologics business in Q3FY21 was Rs 769 Crore, a 11 percent increase year-on-year and 14 percent rise quarter-on-quarter, Biocon said in a BSE filing on January 21.

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Biocon was counting on the business to record total revenue of $1 billion by FY22, which Mazumdar-Shaw said is unlikely to happen now.

"The challenges are more than we anticipated. In the beginning, people felt it (the pandemic) would be in control in six months and now they are saying it will be by April. Unless things really come back to normal, and the economy opens up, we will continue to be affected by these challenges,” Mazumdar-Shaw told The Times of India.

According to the report, some of these challenges were delay in tenders, logistics issues due to lack of travel, and inspection delays at facilities.

Earlier in January, the board of Biocon Biologics approved a $75 million (Rs 555 crore) capital injection from the Abu Dhabi government’s sovereign wealth fund ADQ. The transaction valued Biocon Biologics at $4.17 billion.
Moneycontrol News
first published: Jan 25, 2021 02:55 pm

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