Biocon Biologics announces its intent to acquire the biosimilars business of Viatris
By MYBRANDBOOK
Biocon Biologics Ltd., a subsidiary of Biocon Ltd. has entered into a definitive agreement with its partner Viatris Inc. to acquire its biosimilars business and create a unique fully integrated global biosimilars enterprise.
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 BBL, valued at USD 1 billion.
The transaction has been approved by the Board of Directors of both companies.
After the acquisition, BBL will have a comprehensive portfolio comprising its current range of commercialized insulins, oncology and immunology biosimilars as well as several other biosimilar assets currently under development. It also has access to the vaccines portfolio through its previously announced partnership with Serum Institute Life Sciences (SILS).
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Biologics, said, “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.”
Dr Arun Chandavarkar, Managing Director, Biocon Biologics, said, “By combining the biosimilars business of Viatris to create a global, vertically integrated business in BBL, we are confident of unlocking significant value for our stakeholders. This deal gives BBL full ownership of Viatris’ rights in biosimilars assets, enabling us to recognize combined revenues and profits. To ensure a seamless transition and continued service to patients and customers, Viatris will provide commercial and other transition services to BBL for an expected period of two years.”
Robert J. Coury, Viatris’ Executive Chairman said, “Our unique collaboration with Biocon began more than a decade ago, even before a biosimilars pathway was defined in most countries. During that time, we have experienced many successes, and today is no exception as we join together to create a new, uniquely positioned world class vertically integrated biosimilars leader. This transaction will allow Viatris to continue to participate in the global biosimilars space in a more optimized way, while also allowing us to accelerate our own financial priorities.”
Post closure of the deal, BBL will realize the full revenue and associated profits from its partnered products; a step-up from its existing arrangement with Viatris. The deal will expand BBL’s EBITDA base and strengthen overall financials, enabling investments for sustained long- term growth.
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