Viatris Inc.has announced that it has signed definitive agreements with Biocon Limited for the sale of its entire equity stake in Biocon Biologics Limited. The deal is valued at $815 million, comprising $400 million in cash and $415 million in newly issued equity shares of Biocon.
Under the agreement, Biocon will acquire all of Viatris’ convertible preferred equity in Biocon Biologics. The newly issued Biocon shares will be listed on the National Stock Exchange of India and will carry a six-month lock-in period. The total transaction value will be subject to applicable taxes.
Scott A. Smith, CEO of Viatris, said the deal marks a key milestone in the company’s strategic transformation “Monetizing the value of our equity stake in Biocon Biologics and regaining access to the biosimilars market globally provides significant additional optionality as we continue to build a portfolio of generics, established brands and innovative brands that can contribute to our future growth,” he stated.
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