Kotak Special Situations Fund Combination with Biocon Biologics

SUMMARY OF THE PROPOSED COMBINATION

[UNDER REGULATION 13(1A) OF THE COMPETITION COMMISSION OF INDIA (PROCEDURE IN REGARD TO THE TRANSACTION OF BUSINESS RELATING TO COMBINATIONS) REGULATIONS, 2011 (AS AMENDED)]

(a) Name of the parties to the combination

1. The parties to the combination are:

• (i) Kotak Special Situations Fund (“Acquirer”); and

• (ii) Biocon Biologics Limited (“Target”).

2. Acquirer and the Target are collectively referred to as the “Parties”.

(b) The nature and purpose of the combination

3. The Acquirer proposes to purchase certain equity shares in the Target (“Proposed Combination”). Thus, the Proposed Combination is notifiable to the Hon’ble Competition Commission of India under Section 5(a) of the Competition Act, 2002.

(c) The products, services, and business(es) of the parties to the combination

Acquirer

4. The Acquirer is an alternative investment fund registered with the Securities and Exchange Board of India. It is engaged in the business of investing in companies with a sector agnostic approach. It invests in portfolio vehicles with the objective of obtaining primarily long-term capital appreciation and returns in the nature of interest, dividend, capital gains or share of profits on its investments through a combination of appropriate instruments. The investment objective of the Acquirer is to generate target returns by investing in opportunities in India.

Target

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

(d) The respective markets in which the parties to the combination operate

6. The Parties’ activities do not exhibit any horizontal, vertical, or complementary overlaps in any of the plausible relevant markets in India.

7. Therefore, the Proposed Combination is being notified under the green channel route in terms of Regulation 5A and Schedule III of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (as amended).

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