Biocon beefs up biosimilar portfolio with $3.3-bn Viatris deal, shares fall

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

SAT stays Biocon insider trading order

Press Trust of India New Delhi
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.)

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First Published: Feb 28 2022 | 6:37 PM IST

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