CCI gives nod to Edelweiss-Biocon Biologics deal

New Delhi: Fair-trade regulator CCI on Tuesday said it has cleared Edelweiss Alternative Asset Advisors and ESOF III Investment Fund's subscription to certain compulsorily convertible debentures of Biocon Biologics Ltd.

The deal has been cleared under the green channel route.

Edelweiss Alternative Asset Advisors is a Sebi-registered alternative asset advisor, while ESOF III Investment Fund is a Sebi-registered Alternative Investment Fund (AIF).

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.

BBL is a global biosimilar firm, engaged in the manufacturing and commercialisation of pharmaceutical formulations.

The Competition Commission of India (CCI) said it has approved the proposed deal.

"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," according to an update on the CCI website.

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