Biocon Biologics to Acquire Viatris’ Biosimilars Assets for up to USD 3.335 billion in Stock and Cash
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Biocon Biologics Limited’s (BBL) acquisition of Viatris’ rights in biosimilars assets making BBL a unique global, vertically integrated biosimilars leader. This transaction accelerates BBL’s direct commercialization strategy for its current and future biosimilars portfolio.
Article Summary
Biocon Biologics Ltd., a subsidiary of Biocon Ltd. announced today that it has entered into a definitive agreement with its partner Viatris Inc. BBL will acquire Viatris’ biosimilars business to 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.
With the current portfolio of commercialized insulins, oncology and immunology biosimilars together with several other biosimilar assets currently under development, BBL also extends to 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,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Biologics.
“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,” said Dr Arun Chandavarkar, Managing Director, Biocon Biologics.
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.”
About Biocon Biologics Ltd.
Biocon Biologics Ltd., a subsidiary of Biocon Ltd., is a fully integrated global biosimilars organization. It is leveraging cutting-edge science, innovative tech platforms and advanced research & development capabilities to lower costs of biologics therapies while improving healthcare outcomes. It has a strong research pipeline of biosimilar molecules across diabetes, oncology, immunology and other non-communicable diseases.
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