True North has announced the acquisition of about 3% stake in Biocon Biologics India Ltd (BBIL), a wholly owned subsidiary of Biocon, for $100 million. The unlisted arm is now valued at approximately 25,000 crore in the market. This is the first stake dilution in Biocon Biologics since its formation in 2017.

Biocon is also in talks with other global investors such as Singapore government owned, Temasek Holdings and the UK government’s investment arm CDC for subsequent rounds. True North is also a likely participant in the process, it is learnt.

Biopharmaceutical firm, Biocon set up Biocon Biologics in December 2017 to house all its biologics business – biosimilars that include monoclonal antibodies, recombinant insulins and novel biologics – keeping future value unlocking in mind.