Biocon Biologics a subsidiary of Biocon Ltd., based in Bangalore, India, successfully completed its multi-billion dollar acquisition of the global biosimilars business of its partner Viatris Inc. headquartered in Canonsburg, Pennsylvania.
Viatris received a $2 billion upfront cash payment and $1 billion in Compulsorily Convertible Preference Shares, representing a stake of at least 12.9% (on a fully diluted basis) in Biocon Biologics.
Both Biocon Biologics and Viatris obtained all applicable approvals from key global regulators, including the U.S. Federal Trade Commission, the Competition Commission of India and India’s central bank, the Reserve Bank of India, and its investors.
This acquisition strengthens Biocon Biologics’ commitment to expand affordable access to lifesaving biosimilars worldwide, addressing global health inequities.
The deal provides Biocon Biologics direct commercial presence in advanced markets as well as several emerging markets. Currently, the company produces 20 biosimilar assets including insulin and others associated with monoclonal antibodies spanning therapy areas such as diabetes, oncology, immunology, and ophthalmology.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Biologics, said: “The completion of the acquisition of Viatris’ global biosimilars business is a historic inflection point in Biocon Biologics’ journey of becoming a world leading, fully integrated biosimilars enterprise, committed to serve patients’ needs for affordable access to essential biomedicines.”
