Latest News | On Track to Integrate Major Part of Viatris'' Acquired Biosimilars Biz This Fiscal: Kiran Mazumdar-Shaw
Get latest articles and stories on Latest News at LatestLY. Biocon Biologics is on track to integrate a major part of the acquired biosimilars business of long-term partner Viatris in the current fiscal, the company's Executive Chairperson Kiran Mazumdar-Shaw has said.
New Delhi, Aug 30 (PTI) Biocon Biologics is on track to integrate a major part of the acquired biosimilars business of long-term partner Viatris in the current fiscal, the company's Executive Chairperson Kiran Mazumdar-Shaw has said.
Biocon Biologics, a unit of the Bengaluru-based biotechnology major, had announced earlier this year that it has completed the integration of the acquired biosimilars business from Viatris in over 70 countries in emerging markets effective July 1, 2023.
Now, it is looking to integrate the acquired biosimilars business in the remaining markets like North America and Europe.
"We are on track to integrate a major part of the acquired business in a phased manner during FY24," Mazumdar-Shaw said in her address to the company's shareholders in the Annual Report for 2022-23, which was released on Wednesday.
Direct commercial presence in many global markets will allow Biocon Biologics to devise more sustainable and targeted strategies to make biosimilars accessible to the maximum number of patients and healthcare providers, she added.
In February last year, Biocon Biologics inked a pact to acquire Viatris Inc's biosimilars business for a consideration of up to USD 3.33 billion.
Mazumdar-Shaw said the acquired global biosimilars business contributed significantly to Biocon's robust financial performance in FY23.
Biocon's strategy of being a diversified biopharmaceuticals company, with three powerful growth accelerators across generics, biosimilars and research services, has enabled us to create a unique and differentiated enterprise, she said.
"We will continue to focus on creating a more sustainable and healthier world, while delivering value to all stakeholders in the year ahead," Mazumdar-Shaw added.
(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)