India's Biocon Biologics Agrees to Buy Viatris Biosimilar Assets for up to $3.335B

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India's Biocon Biologics Agrees to Buy Viatris Biosimilar Assets for up to $3.335B

seekingalpha2022-02-28

India's Biocon Biologics agreed to acquire Viatris Inc.'s biosimilar assets for up to $3.335B.Viatris (NASDAQ:VTRS) will receive cash consideration of $2B on closing of the transaction and up to $335M...

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Sing Options
·2022-02-28
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Additionally, upon closing of the deal, Biocon Biologics will issue $1B of compulsorily convertible preference shares (\"CCPS\") to Viatris, equivalent to an equity stake of at least 12.9% in the company, on a fully diluted basis.The news comes after a Moneycentral report in December that Biocon was said to be discussions with Viatris's (VTRS) Mylan unit to merge Biocon Biologics with Mylan's biosimilar business. The combined entity may look to do an initial public offering that would value the business at more than $10B, the report said at the time.“The deal will enable BBL to attain a robust commercial engine in the developed markets of U.S. & Europe and will fast-track our journey of building a strong global brand,\" Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Biologics said in the statement.The deal is expected to close in second half of the year. 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