Biocon Biologics acquires Viatris' biosimilars business in $3.3 bn deal

BBL will also obtain Viatris' rights in all biosimilars assets, including its in-licensed portfolio and an option to acquire Viatris' rights in bAflibercept

Biocon Biologics, a subsidiary of Biocon, announced on Monday that it will acquire Viatris’ biosimilars business in a $3.3 billion cash and stock deal.

Viatris will receive cash consideration of $2 billion on closing of the transaction and up to $335 million as additional payments expected to be paid in 2024. Additionally, upon closing of the transaction, BBL will issue $1 billion of compulsorily convertible preference shares (CCPS) to Viatris, equivalent to an equity stake of at least 12.9 per cent in the company, on a fully diluted basis. 

The Board of Directors of both companies have approved the transaction.