Biotechnology major Biocon on Monday said its subsidiary Biocon Biologics has inked a pact to acquire Viatris Inc's biosimilars business for consideration of up to $3.335 billion (about ₹24,990 crore).
Biocon Biologics has entered into a definitive agreement with Viatris Inc to acquire its biosimilars business to create a fully integrated global biosimilars enterprise, Biocon Ltd said in a statement.
Viatris will receive consideration of up to $3.335 billion, including cash up to $2.335 billion and compulsorily convertible preference shares (CCPS) in Biocon Biologics Ltd, valued at $1 billion, it added.
The Board of Directors of both the companies have approved the transaction and the deal is expected to close in the second half of the year.
The acquisition will help Biocon Biologics to have a comprehensive portfolio, comprising its current range of commercialised insulins, oncology and immunology biosimilars as well as several other biosimilar assets currently under development.
Access to vaccine portfolio
BBL will also have access to the 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," Biocon Biologics Executive Chairperson Kiran Mazumdar-Shaw said.