CCI Approves Edelweiss-Biocon Biologics deal

CCI Approves Edelweiss-Biocon Biologics deal

The Competition Commission of India (CCI) has approved the Edelweiss Alternative Asset Advisors and ESOF III Investment Fund's subscription to certain compulsorily convertible debentures of Biocon Biologics Ltd.

The deal was cleared under the green channel route.

Edelweiss Alternative Asset Advisors Limited 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.

Whereas, ESOF III Investment Fund is a Category II AIF 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.

Biocon Biologics Limited 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.

The proposed combination relates to Edelweiss Alternative Asset Advisors and ESOF III Investment Fund's proposal to subscribe to certain compulsorily convertible debentures issued by Biocon Biologics Ltd (BBL), according to CCI.

The CCI published an update on its website stating, “The parties' activities do not exhibit any horizontal, vertical, or complementary overlaps in any of the plausible relevant markets. Therefore, the proposed combination is being notified under the green channel route.”

Under the green channel route, a transaction which does not possess any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the competition regulator.