Biocon Reclaims Control: Acquires OCDs in Biocon Biologics from Goldman Sachs for $198.5 Mn
By Ankur Chandra | Updated at: Jan 14, 2026 12:18 PM IST
Bengaluru, June 27 — The shares of Biocon Ltd (NSE: BIOCON, BSE: 532523) will remain in focus after the company announced a significant internal transaction for consolidating the biotech subsidiary. In the board meeting held late in the evening on June 26, 2025, the board approved the acquisition of 1,125 OCDs (Optionally Convertible Debentures) of the unlisted subsidiary Biocon Biologics Limited from Goldman Sachs India Alternative Investment Trust AIF Scheme – 2 and Scheme – 1 for a consideration of $198.5 Mn.
This transaction will result in shifting financial control from an external institutional investor to Biocon. The move also aims at creating greater financial and operational collaboration within the Biocon group. At 10:15 AM, the stock was up by 0.80% (trading at ₹353.30 per share).
Key Deal Details
Biocon will acquire the OCDs for a total consideration of approximately USD 198.5 million, subject to currency fluctuation on the date of purchase. The debentures, each with a face value of ₹1 crore, are unlisted, unsecured, and redeemable, featuring an optional conversion clause.
Transaction Summary
| Particulars | Details |
|---|---|
| Total Number of OCDs | 1,125 |
| Face Value per OCD | ₹1,00,00,000 |
| Total Consideration | USD 198.5 million (INR equivalent) |
| Seller Entities | Goldman Sachs AIF Scheme-2: 1,047 OCDsGoldman Sachs AIF Scheme-1: 78 OCDs |
| Subsidiary Involved | Biocon Biologics Limited |
| Relationship with Promoter Group | Not Applicable |
| Related Party Transaction | No |
Strategic Implication
The move strengthens Biocon’s position in Biocon Biologics, which has been a key growth engine for the company, especially after it acquired Viatris’ biosimilar assets. By reducing third-party investment exposure in the biologics arm, Biocon regains higher strategic control, which could be a precursor to further fundraising or restructuring steps.
CEO Siddharth Mittal signed off the disclosure, and the meeting concluded within 10 minutes, reflecting a pre-negotiated and board-ratified move.
Regulatory Disclosure
This transaction has been disclosed under Regulation 30 of SEBI (LODR) Regulations, 2015, and in line with SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The transaction does not fall under related-party norms and therefore does not require arm’s-length certification.
About the Company
Biocon Ltd, headquartered in Bengaluru, is a leading biopharmaceutical company listed on the NSE and BSE. It specialises in biosimilars, generic formulations, and novel biologics. Biocon Biologics, the biologics subsidiary of Biocon, is unlisted and remains a critical revenue and innovation driver within the group.
REF: https://nsearchives.nseindia.com/corporate/Biocon2_26062025200241_SEintimationBM26062025.pdf
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