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- Biocon Biologics
Biocon Biologics Revenue, Valuation, Funding & Investors
Biocon Biologics is valued at $4.5B as of December 2025, a 4.2x multiple on its last reported $1.1B revenue.
Last Biocon Biologics valuation
$4.5B
Secondary · Dec 2025
Last Biocon Biologics funding round
$150M
Strategic investment · Apr 2023
Biocon Biologics revenue
$1.1B
Secondary · Dec 2025
Key investors in Biocon Biologics
Goldman Sachs
True North
ADQ
Tata Capital
Tata Capital Growth Fund
Biocon
About Biocon Biologics
Biocon Biologics is a Bengaluru-based biosimilars developer commercializing insulin glargine, pegfilgrastim, and trastuzumab in 100-plus countries. Its facilities in India, Malaysia, and Israel produce 50-plus products via monoclonal antibody platforms, with approvals from US FDA, EMA, and WHO. De-merged from Biocon in 2022, it focuses on oncology, immunology, and diabetes therapies.
Founded
1978
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$1.1B (Dec 2025)
Valuation
$4.5B (Dec 2025)
Sectors
Biocon Biologics Valuation
Biocon Biologics is currently valued at $4.5B, based on its secondary sale in December 2025.
The $815M round was led by Biocon.
Biocon Biologics' valuation has grown 1.5x from $3.1B at its undisclosed-stage round in January 2020 to $4.5B in December 2025, across 5 priced rounds.
Biocon Biologics valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2025 | Secondary | $4.5B | 4.2x |
| Apr 2023 | Strategic investment | $6B | 6.2x |
| Jan 2021 | Undisclosed stage | $4.2B | - |
| Jul 2020 | Undisclosed stage | $3.5B | - |
| Jan 2020 | Undisclosed stage | $3.1B | 14.8x |
Biocon Biologics Revenue
Biocon Biologics' latest recorded revenue is $1.1B, as of its secondary sale in December 2025. At a $4.5B valuation, that implies a 4.2x revenue multiple.
Revenue grew from $209M in January 2020 to $1.1B in December 2025, while the revenue multiple moved from 14.8x to 4.2x.
Biocon Biologics revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2025 | $1.1B | $4.5B | 4.2x | Secondary |
| Apr 2023 | $965M | $6B | 6.2x | Strategic investment |
| Jan 2020 | $209M | $3.1B | 14.8x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Biocon Biologics Funding History
Biocon Biologics has raised a total of $482M across 5 funding rounds, plus 1 secondary share sale.
Biocon Biologics' first fundraising round was a $75M undisclosed-stage round in January 2020. The most recent completed round was a $150M strategic investment round in April 2023.
Biocon Biologics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Secondary | Biocon (lead) | $815M | $4.5B | Biocon Biologics is a biosimilars company and subsidiary of Biocon Limited, focused on developing and commercializing biosimilars in diabetology, oncology, immunology, and other areas, with 10 commercialized products in markets including the US, Europe, Australia, Canada, and Japan, and a pipeline of over 20 assets. It previously acquired Viatris’ biosimilars business for $3.3 billion, adding $1.2 billion in debt. In FY25 ending March 2025, it reported revenue of $1.08 billion, up 15% year-over-year, net profit of Rs 1,013 crore, and R&D spend of Rs 592 crore (7% of revenue), with four biosimilars each exceeding $200 million in annual sales. Biocon, holding a 90.2% stake as of March 31, 2025, is exploring a merger with Biocon Biologics valued at $4.5 billion, advised by Morgan Stanley, as an alternative to an IPO impacted by acquisition debt. The deal involves acquiring minority stakes from Serum Institute of Life Sciences (5.97%), Tata Capital Growth Fund, True North, and Viatris for $815 million in cash and shares via a share swap (70.28 Biocon shares per 100 Biocon Biologics shares). Biocon raised Rs 4,500 crore (~$540 million) and later Rs 4,150 crore (~$460 million) through qualified institutional placements in 2025-2026 to fund the transaction, expected complete by March 31, 2026. Biocon Limited has a market cap of approximately $6.1 billion (Rs 54,327 crore). The merger aims to create a stronger integrated biopharmaceutical entity in the $35 billion global biosimilars market (2025), projected to reach $72 billion by 2035, leveraging synergies from consolidation and new launches. |
| Apr 2023 | Strategic investment | Serum Life Sciences (lead) | $150M | $6B | Biocon Biologics, a subsidiary of Biocon Ltd, is a fully integrated global biosimilars company focused on developing and commercializing affordable biologics in areas like diabetology, oncology, and immunology, serving over 6.3 million patients across 120+ countries with 10 commercialized biosimilars and a pipeline of 20+ assets. In April 2023, Serum Institute of Life Sciences (SILS) doubled its investment to $300 million through conversion of a $150 million loan into equity, in addition to a prior $150 million investment from November 2022, as part of a restructured strategic alliance providing Biocon Biologics access to 100 million annual vaccine doses and distribution rights to Serum's portfolio. Previous equity investments include Rs 536.25 crore from True North in January 2020 at a pre-money valuation of Rs 21,450 crore ($3 billion) and Rs 225 crore from Tata Capital Growth Fund in July 2020, plus ~$98 million from Edelweiss funds in May 2023. |
| Jan 2021 | Undisclosed stage | ADQ (lead) | $75M | $4.2B | Biocon Biologics, a fully integrated pure-play biosimilars company and subsidiary of Biocon Ltd, specializes in developing, manufacturing, and marketing high-quality, affordable biosimilars across therapeutic areas including diabetes, oncology, immunology, dermatology, ophthalmology, neurology, rheumatology, and inflammatory diseases. The company has a platform of 28 biosimilar molecules, with five taken from lab to market and three commercialized in developed markets such as the US, EU, Australia, Canada, and Japan. It employs over 4,500 people and aims to impact 5 million patients' lives by FY22 through innovative solutions that lower treatment costs and improve healthcare outcomes. In January 2021, Abu Dhabi-based holding company ADQ invested Rs 555 crore (USD 75 million) in a primary equity infusion for a 1.80% minority stake in Biocon Biologics, establishing a post-money valuation of approximately USD 4.17 billion. The transaction, approved by the board and subject to customary approvals, left Biocon Ltd holding an 89.89% stake on a fully diluted basis. This funding endorses the business model's value and supports expansion of capabilities to enhance global access to affordable biopharmaceuticals. The ADQ investment follows prior raises totaling over USD 255 million from January to November 2020, including USD 75 million from True North for 2.44%, USD 30 million from Tata Capital Growth Fund for 0.85%, and USD 150 million from Goldman Sachs via Optionally Convertible Debentures. Kiran Mazumdar-Shaw, Executive Chairperson of Biocon, and Dr. Christiane Hamacher, CEO & Managing Director of Biocon Biologics, highlighted the partnership's alignment with goals of affordable innovation and global leadership in biologics. |
| Nov 2020 | Undisclosed stage | Goldman Sachs (lead) | $152M | - | Biocon Biologics, a subsidiary of Biocon Ltd, is an innovation-led global biopharmaceutical company focused on biosimilars, providing affordable access to biologic drugs in areas like diabetes, oncology, and immunology. On November 7, 2020, its board approved a capital injection of Rs 1,125 crore (approximately USD 150 million) from Goldman Sachs in the form of Optionally Convertible Debentures, executed at a post-money equity valuation of USD 3.94 billion. The transaction was subject to customary approvals and aimed to support investments in R&D, manufacturing, and global commercialization. Goldman Sachs' investment underscored confidence in Biocon Biologics' potential to lead in biosimilars, with three products already commercialized in the U.S. market at the time. The funds were intended to expand access for patients, targeting service to 5 million patients and achieving USD 1 billion in revenue by FY22. Executive Chairperson Kiran Mazumdar-Shaw highlighted the deal as part of a strategic value-creation plan, while CEO Dr. Christiane Hamacher emphasized prudent investments for global leadership. |
| Jul 2020 | Undisclosed stage | Tata Capital (lead); Tata Capital Growth Fund (lead) | $30M | $3.5B | Biocon Biologics, a subsidiary of Biocon Ltd, is a fully integrated global biosimilars company with a platform of 28 molecules across therapeutic areas including diabetes, oncology, immunology, and more. Five molecules have reached market, with three commercialized in developed markets like the EU, US, Australia, Canada, and Japan. On July 31, 2020, its board approved a primary equity investment from Tata Capital Growth Fund of Rs 225 crore (~USD 30 million) for a 0.85% minority stake, valuing the company at an equity valuation of Rs 26,250 crore (~USD 3.5 billion) and enterprise valuation of Rs 30,400 crore (~USD 4.0 billion). Post-transaction, Biocon Ltd would hold 95.25% stake, subject to approvals. The investment endorses Biocon Biologics' value creation through R&D and manufacturing investments, aiming to serve 5 million patients and reach USD 1 billion revenue by FY22. CEO Dr. Christiane Hamacher highlighted it as a step in unlocking value. Tata Capital's Managing Partner Akhil Awasthi noted alignment with export-oriented manufacturing focus. This was part of multiple 2020 fundraises; earlier True North invested USD 75 million for 2.44% stake, and later Goldman Sachs committed USD 150 million via optionally convertible debentures at ~USD 3.94 billion post-money equity valuation, with ADQ adding USD 75 million at USD 4.17 billion post-money. No specific revenue or EBITDA metrics for Biocon Biologics near July 2020 were reported; aspirational FY22 revenue target mentioned but not historical actuals qualifying as revenue near round date. |
| Jan 2020 | Undisclosed stage | True North (lead) | $75M | $3.1B | Biocon Biologics, a subsidiary of Biocon Ltd, is a fully integrated biosimilars company with one of the largest portfolios in the industry, including 28 molecules across therapeutic areas like oncology, immunology, diabetes, and autoimmune diseases. It has state-of-the-art manufacturing facilities, a global footprint, and partnerships with companies like Mylan (11 molecules) and Sandoz. Products have been commercialized in developed markets such as the US, EU, Australia, Canada, and Japan, with a pipeline targeting launches in the next 3-5 years. The company aims to serve 5 million patients and reach USD 1 billion in revenue by FY22. In January 2020, Activ Pine LLP, an affiliate of True North Fund, invested USD 75 million (Rs 536.25 crore) for a 2.44% equity stake in Biocon Biologics, implying a pre-money equity valuation of approximately USD 3 billion (Rs 21,450 crore). This was the first private equity infusion, validating the company's science, scale, and strategy as a global biosimilars leader. The funds were intended to support expansion of R&D and manufacturing capabilities to meet growing global demand. Biocon Biologics reported revenues of Rs 1,951.3 crore for the 2019-20 financial year, per Biocon Ltd's annual report. No EBITDA figure is specified for Biocon Biologics alone near the round date. The business touched the lives of 2.1 million patients through biosimilars access and enhanced production capacities for key molecules. Following the True North investment, Biocon Biologics raised additional capital in 2020: Tata Capital Growth Fund invested USD 30 million for 0.85% stake at ~USD 3.5 billion valuation in July 2020, and Goldman Sachs provided USD 150 million via optionally convertible debentures in November 2020. In January 2021, ADQ invested Rs 555 crore (USD 75 million) for 1.80% stake at post-money valuation of ~USD 4.17 billion. These rounds underscore strong investor confidence in the biosimilars market opportunity, projected to grow significantly through FY25. |
Who has invested in Biocon Biologics?
7 investors have backed Biocon Biologics across its funding rounds, including Goldman Sachs, True North, ADQ, Tata Capital, Tata Capital Growth Fund and Biocon.
Lead investors include Biocon, Serum Life Sciences, ADQ, Goldman Sachs, Tata Capital and 2 other investors.
Biocon Biologics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Jan 2021 | ||
| 1 | Lead | Dec 2025 | ||
| 1 | Lead | Jan 2020 | ||
| 1 | Lead | Jul 2020 | ||
| 1 | Lead | Nov 2020 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Biocon Biologics
Biocon Biologics has acquired 1 company to date.
Last acquisition by Biocon Biologics was on February 28th 2021. Biocon Biologics acquired Viatris Biosimilars for $3.3B.
Latest Acquisitions by Biocon Biologics
| Description | Viatris Biosimilars is a developer of complex biologic alternatives in oncology, immunology, endocrinology, ophthalmology, and dermatology. Global operations from Canonsburg, Pennsylvania, include Fulphila for neutropenia, Ogivri for breast cancer, and Semglee insulin glargine. Viatris partners with Biocon for manufacturing and commercialization in 150 countries, with launches in Europe and US post-2020 merger. |
| HQ Country | |
| HQ City | Pittsburgh, PA |
| Deal Date | 28 Feb 2021 |
| Valuation | $3.3B |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Biocon Biologics acquisitions and their M&A valuation multiples. Start Free Trial | |
Biocon Biologics Competitors
Biocon Biologics competitors include listed companies like SK Biopharmaceuticals, Humanwell Healthcare, Iovance Biotherapeutics and Veradermics, and private ones like Intas Pharmaceuticals and LEO Pharma.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $514M | $123M | $4.5B | 6.7x | ||
| Publicly listed | $3.6B | $646M | $4.5B | - | ||
| Publicly listed | $264M | ($356M) | $4.5B | 12.5x | ||
| Publicly listed | - | ($72M) | $4.5B | - | ||
| Private | $2B | - | $4.3B | 2.1x | ||
| Private | - | $301M | $4.2B | - |
Biocon Biologics Public Comps
Biocon Biologics is still privately-owned, but its public comps include SK Biopharmaceuticals, Humanwell Healthcare, Iovance Biotherapeutics, Veradermics, Ajanta Pharma, Dottikon ES Holding, Chongqing Zhifei, Changchun High-Tech, Sumitomo Pharma and Hikma Pharmaceuticals.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $514M | $123M | 8.3x | 6.7x | 34.8x | 18.7x | |||
| $3.6B | $646M | 1.5x | - | 8.4x | - | |||
| $264M | ($356M) | 17.2x | 12.5x | (12.7x) | (18.1x) | |||
| - | ($72M) | - | - | (52.0x) | (35.3x) | |||
| $564M | $158M | 8.0x | 7.4x | 28.6x | 27.6x | |||
| $522M | $179M | 8.3x | 7.7x | 24.3x | 22.7x | |||
| $1.3B | ($2.5B) | 4.2x | 4.8x | (2.3x) | (7.4x) | |||
| $1.8B | $113M | 2.5x | 2.5x | 39.4x | 16.7x | |||
This data is available for Pro users. Sign up to see all Biocon Biologics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Biocon Biologics
| When was Biocon Biologics founded? | Biocon Biologics was founded in 1978. |
| Where is Biocon Biologics headquartered? | Biocon Biologics is headquartered in Bangalore, India. |
| Is Biocon Biologics publicly listed? | No, Biocon Biologics is a private, VC-backed company. |
| What is Biocon Biologics' valuation? | Biocon Biologics was last valued at $4.5B in its secondary sale in December 2025. |
| How much funding has Biocon Biologics raised? | Biocon Biologics has raised $482M across 5 funding rounds. |
| What was Biocon Biologics' last funding round? | Biocon Biologics' last funding round was a $150M strategic investment round in April 2023, led by Serum Life Sciences. |
| Who are Biocon Biologics' investors? | Biocon Biologics' investors include ADQ, Biocon, True North, Tata Capital Growth Fund, Goldman Sachs, Serum Life Sciences and Tata Capital. |
| What is Biocon Biologics' revenue? | Biocon Biologics' latest recorded revenue is $1.1B (December 2025). |
| What is Biocon Biologics' revenue multiple? | Biocon Biologics' latest valuation implies a 4.2x revenue multiple ($4.5B valuation on $1.1B of revenue). |
| Which companies are comparable to Biocon Biologics? | Companies comparable to Biocon Biologics include SK Biopharmaceuticals, Humanwell Healthcare, Iovance Biotherapeutics, Veradermics, Intas Pharmaceuticals and LEO Pharma. |
| How many companies has Biocon Biologics acquired? | Biocon Biologics has acquired 1 company, including Viatris Biosimilars. |
| What was the largest acquisition by Biocon Biologics? | The $3.3B acquisition of Viatris Biosimilars in February 2021 is the largest acquisition Biocon Biologics has made to date. |
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