India News | Biocon Biologics to Acquire Viatris Inc's Biosimilars Biz for USD 3.33 Bn

New Delhi, Feb 28 (PTI) Biotechnology major Biocon on Monday said its subsidiary Biocon Biologics has inked a pact to acquire Viatris Inc's biosimilars business for consideration of up to USD 3.335 billion (about Rs 24,990 crore).

Biocon Biologics has entered into a definitive agreement with Viatris Inc to acquire its biosimilars business to create a fully integrated global biosimilars enterprise, Biocon Ltd said in a statement.

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Viatris will receive consideration of up to USD 3.335 billion, including cash up to USD 2.335 billion and compulsorily convertible preference shares (CCPS) in Biocon Biologics Ltd, valued at USD 1 billion, it added.

The Board of Directors of both the companies have approved the transaction and the deal is expected to close in the second half of the year.

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The acquisition will help Biocon Biologics to have a comprehensive portfolio, comprising its current range of commercialised insulins, oncology and immunology biosimilars as well as several other biosimilar assets currently under development.

BBL will also have access to the vaccines portfolio through its previously announced partnership with Serum Institute Life Sciences (SILS).

"This acquisition is transformational and will create a unique fully integrated, world-leading biosimilars enterprise. Our long-standing global partnership with Viatris has enabled us to achieve many firsts, setting new benchmarks for the global biosimilars industry.

"This strategic combination brings together the complementary capabilities and strengths of both partners and prepares us for the next decade of value creation for all our stakeholders," Biocon Biologics Executive Chairperson Kiran Mazumdar-Shaw said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)