Biocon Biologics Ltd., a subsidiary of Biocon Ltd., entered into a definitive agreement to acquire Viatris’ biosimilars assets to create an integrated global biosimilars business. Viatris will receive consideration of as much as $3.3 billion, including cash up to $2.3 billion and Compulsorily Convertible Preference Shares (CCPS) in BBL, valued at $1 billion. The Board of Directors of both companies have approved the transaction.
 
BBL will have a portfolio comprising its current range of commercialized insulins, oncology and immunology biosimilars as well as several other biosimilar assets currently in development. BBL also has access to the vaccines portfolio through its previously announced partnership with Serum Institute Life Sciences (SILS).
 
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Biologics, said, “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.”
 
“The deal will enable BBL to attain a robust commercial engine in the developed markets of U.S. & Europe and will fast-track our journey of building a strong global brand. It will also make us future-ready for the next wave of products. This development takes our partnership with Viatris to the next level to realize our shared purpose of impacting global health by providing affordable access to high quality essential and life -saving Biosimilar drugs,” she added.
 
Robert J. Coury, Viatris’ Executive Chairman said, “Our unique collaboration with Biocon began more than a decade ago, even before a biosimilars pathway was defined in most countries. During that time, we have experienced many successes, and today is no exception as we join together to create a new, uniquely positioned world class vertically integrated biosimilars leader. This transaction will allow Viatris to continue to participate in the global biosimilars space in a more optimized way, while also allowing us to accelerate our own financial priorities.”