Biocon Biologics is planning to raise $950 million by selling bonds overseas, according to reports of Economic Times. The fundraising will be handled by lenders including Standard Chartered Bank and HSBC.
The money raised will be used to refinance a significant portion of the $1.2 billion debt that Biocon took on for its acquisition of Viatris Inc.’s biosimilars business. The sources familiar with the matter have stated that this step will help the company manage its financial obligations more efficiently.
On Friday the shares of Biocon Biologics closed 0.74% higher at Rs 379.40 on NSE.
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Biocon Biologics