Shares of biotechnology major Biocon on Monday tanked over 11 per cent after the company said its subsidiary Biocon Biologics has inked a pact to acquire Viatris Inc's biosimilars business.
On BSE, the shares closed 11.47 per cent lower at Rs 348.95. During the day, it touched a low of Rs 347.1.
The shares dived 11.39 per cent to close the counter at Rs 349.6 on NSE. It fell to an intra-day low of Rs 347 during the session.
The company in a statement said that its subsidiary Biocon Biologics has inked a pact to acquire Viatris Inc's biosimilars business for consideration of up to USD 3.335 billion (about Rs 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 USD 3.335 billion, including cash up to USD 2.335 billion and compulsorily convertible preference shares (CCPS) in Biocon Biologics Ltd, valued at USD 1 billion, it added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.