On May 9, 2023, CCI approved the subscription of certain compulsorily convertible debentures issued by Biocon Biologics Limited (‘Target’) by Edelweiss Alternative Asset Advisors Limited (‘Acquirer 1’) and ESOF III Investment Fund (‘Acquirer 2’). ^[1]

Parties

Acquirer 1 is an alternative asset advisor registered with the Securities and Exchange Board of India (‘SEBI’) and provides investment management services to alternative investment funds and advisory services with respect to certain offshore funds.

Acquirer 2 is a Category II Alternate Investment Fund registered with SEBI. Acquirer 2 is primarily engaged in making structured investments through any suitable instruments, including, but not limited to, debt or debt-like securities or instruments and/or equity or equity-linked instruments of listed or unlisted companies.

The Target is a global biosimilars company which is engaged in the manufacture and commercialization of pharmaceutical formulations such as biosimilars, insulins and drug substances in India.

Green Channel Notification

The transaction was deemed approved as there were no horizontal, vertical, or complementary overlaps in any of the plausible relevant markets between the activities of the Acquirers and the Target in India.

[1] C-2023/05/1026.