Indian private equity fund True North acquired a 3% stake in biopharmaceutical company Biocon Biologics India Ltd. for $100 million, The Economic Times (India) said, citing two people aware of the development.
The investment is the first stage of a larger $200 million to $300 million fundraising round expected to close in the first half of 2020, and is the first stake sale in Biocon Biologics since its formation in 2017. The wholly owned subsidiary is now valued at 250 billion Indian rupees, or about $3.5 billion, the report said.
The parent company is also in discussions with global investors including the Singapore government's Temasek Holdings and the UK government's investment unit CDC for subsequent funding rounds, in which True North may also participate, the publication said, citing one of the sources.
A True North spokesperson declined to comment, while Biocon, Temasek and CDC Group did not respond to queries by The Economic Times (India).
As of Jan. 3, US$1 was equivalent to 71.78 Indian rupees.