Biocon Biologics, the Biocon Ltd. subsidiary that produces biosimilars, announced on Tuesday that it had paid $3 billion for the global biosimilars business of Viatris.
According to a statement made by the pharmaceuticals company’s parent, Biocon Ltd, the multi-billion dollar acquisition was completed using a combination of cash and equity. In addition to issuing Compulsorily Convertible Preference Shares (CCPS) worth USD 1 billion, Biocon Biologics paid $2 billion in upfront cash.
The acquisition is viewed as an extension of Biocon Biologics and will aid the business in improving its infrastructure supporting its commercial capabilities. According to the statement, the company currently produces 20 biosimilar assets, including insulins and others linked to monoclonal antibodies that cover therapy areas like diabetes, oncology, immunology, and ophthalmology.
“An important turning point in Biocon Biologics’ journey to become a world-leading, fully integrated biosimilars enterprise dedicated to meeting patients’ needs for accessible, affordable biomedicines has been reached with the completion of the acquisition of Viatris’ global biosimilars business. Our direct entry into a number of developed and emerging markets will be accelerated by this “stated Kiran Mazumdar Shaw, the company’s executive chair.