Biocon Biologics To Buy Viatris' Biosimilars Assets For Up To $3.335 Bln In Stock, Cash

(RTTNews) - Biocon Biologics Ltd. or BBL, a subsidiary of India-based Biocon Ltd., on Monday has entered into a definitive agreement with its partner Viatris Inc. (VTRS) to acquire Viatris' biosimilars business for a consideration of up to $3.335 billion in cash and stock to create a unique fully integrated global biosimilars enterprise.

The revenues of this acquired business are estimated to be $1 billion next year. Viatris will receive consideration of up to $3.335 billion in cash and stock.

BBL will acquire Viatris' global biosimilars business along with its rights for the in-licensed portfolio. BBL will realize full revenues and profits from the acquired business, expanding its EBITDA base and strengthening overall financials, thus enabling investments for sustained long-term growth.

BBL has a portfolio of 20 biosimilars, and with this integration it will become a world leading biosimilars player with one of the broadest and deepest pipelines in the industry.

This acquisition will accelerate BBL's direct commercialization strategy for its current and future biosimilars portfolio by providing a direct presence in U.S., Europe, Canada, Japan, Australia and New Zealand.

The transaction, which is expected to close in second half of 2022, will be value accretive to Biocon and BBL shareholders.

Kiran Mazumdar-Shaw will continue as Executive Chairperson of BBL and Viatris will designate Rajiv Malik, President of Viatris, to serve on BBL Board.