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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·2022-02-28
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Additionally, upon closing of the deal, Biocon Biologics will issue $1B of compulsorily convertible preference shares (&#34;CCPS&#34;) to Viatris, equivalent to an equity stake of at least 12.9% in the company, on a fully diluted basis.</p><p>The news comes after a Moneycentral report in December that Biocon was said to be discussions with Viatris&#39;s (VTRS) Mylan unit to merge Biocon Biologics with Mylan&#39;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.</p><p>“The deal will enable BBL to attain a robust commercial engine in the developed markets of U.S. &amp; Europe and will fast-track our journey of building a strong global brand,&#34; Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Biologics said in the statement.</p><p>The deal is expected to close in second half of the year. 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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. The companies will also enter into a transition services agreement, pursuant to which VTRS will provide certain transition services, including commercialization services, for an expected two-year period. Viatris also will pay $50M to BBL to fund certain capital expenditures.The $2B cash payment will be funded by $800M raised through equity infusion in BBL and the remainder will be funded by debt, additional equity or a combination of the two. 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