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India's Biocon Biologics to receive $150m from Goldman Sachs

Fresh infusion follows Tata's pledge of $30m

Employees of parent Biocon work inside the company's research and development facility in Bangalore, India.   © Reuters

NEW DELHI -- Biocon Biologics, a subsidiary of Indian biotech giant Biocon, has secured board approval for an investment of $150 million from U.S.-based investment bank Goldman Sachs.

As part of the agreement, Goldman Sachs will be issued convertible debentures at a post-money equity valuation of $3.94 billion, the parent said in a statement.

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