Biocon Biologics acquires Viatris’ biosimilar business for $3.34 billion

By Sumit Blogs -

Biocon Biologics Ltd (BBL) the subsidiary of Biocon on Monday said it has entered into a definitive agreement to acquire Viatris’ biosimilars assets for $3.34 billion.

Out of $3.34 billion, BBL will pay Viatris up to $2.34 billion in cash and the rest $1 billion through Compulsorily Convertible Preference Shares (CCPS) in BBL for an equity stake of at least 12.9% in the company.

The transaction is expected to close in the second half of 2022.

BBL said the cash payment of $2 billion to be funded by $800 million raised through equity infusion in BBL and the remainder to be funded by debt, additional equity or a combination.

“BBL has received expressions of interest from financial institutions for debt financing and equity commitments from existing shareholders,” it added.

BBL existing investors include Serum Institute of India, Abu Dhabi-based ADQ. True North, Tata Capital Growth Fund and Goldman Sachs.

Kiran Mazumdar-Shaw continues as executive chairperson of BBL; Rajiv Malik, president of Viatris, will join the BBL board.

As part of the deal, BBL will get Viatris’ global commercial infrastructure in developed and emerging markets. Viatris’ global biosimilars business with an estimated revenue of $875 million and EBITDA of $200 million for calendar year 2022, which is estimated to exceed $1 billion in revenue next year.

Viatris’ rights in all biosimilars assets including its in-licensed portfolio and an option to acquire Viatris’ rights in biosimilar Aflibercept used to treat wet macular degeneration.

Viatris will also pay transition services for an expected two-year period to ensure a seamless transition with partners and continued services to patients and customers. Viatris also will pay $50 million to BBL to fund certain capital expenditures.

Biocon and Viatris (formerly called as Mylan) have partnered to develop and commercialise a broad portfolio of biosimilar and insulin products such as human insulin, insulin glargine, aspart; trastuzumab, bevacizumab,

pegfilgrastim and in-licensed products adalimumab and etanercept.

While Biocon develops and manufactures the drug, Viatris takes care of regulatory approvals and commercialization of products in the highly regulated markets such as US, Canada, Japan, Australia, New Zealand and EU. Biocon has co-exclusive commercialisation rights with Viatris in the rest of the world.

“This acquisition is transformational and will create a unique fully integrated, world leading biosimilars enterprise,” said Mazumdar-Shaw.

“The deal will enable BBL to attain a robust commercial engine in the developed markets of the U.S and 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,” she added.

“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,” said Robert J. Coury, Viatris’ executive chairman.

Credits – Source – https://ift.tt/dMD0eyV

The post Biocon Biologics acquires Viatris’ biosimilar business for $3.34 billion appeared first on Stay in Gurgaon.

Comments

Post a Comment

Popular posts from this blog

Flat sale of flu drugs hints at no unusual rise in infections

By Sumit Blogs -
Image
By Economic Times – Flat sale of flu drugs hints at no unusual rise in infections Industry executives and chemists said the April sales data showed a month-on-month decline of 30-40%. But even though the lockdown is seen to be impacting sales of most drugs, the pattern for medicines for infections and flus is no different.Last Updated: Apr 30, 2020, 11.23 AM ISTAgenciesExperts said the decline in sales was primarily because of the lockdown and other restrictions which forced people to stay indoors. (This story originally appeared in on Apr 30, 2020)NEW DELHI: Sales of anti-infectives (antibiotics and antivirals), respiratory drugs, painkillers and analgesics — some key medicines used for influenza-like illnesses — have remained mostly unchanged in last three months (January to March), partly explained by the lockdown but also indicating no unusual rise in flu-type infections that might point to a wider and undetected spread of Covid-19. Sales of most medicines, including this set of
Read more

10YearsForSimha: Reasons behind film’s success

By Sumit Blogs -
Image
By Times of India – 10YearsForSimha: Reasons behind film’s success TIMESOFINDIA.COM | Last updated on – Apr 30, 2020, 06:00 ISTclose01/6Take a look at the reasons behind the film’s successDirected by Boyapati Srinu, the 2010 film Simha was a game-changer among Tollywood films that was lauded, not only for Nandamuri Balakrishna’s intense performance in the dual role but also the gripping narration of the filmmaker. Balayya and Nayanthara were seen on the big screen for the first time ever in the film. The action drama made a special place in the hearts of the audience because of its simple storytelling, superhit songs and unbeatable chemistry between the lead pair. The movie has completed a decade, but the essence is as fresh as it was back then. As the film clocks 10 years of its release, find out the reasons behind the massive success of the Balakrishna starrer.readmore02/6​Boyapati Srinu’s gripping narrationBefore Simha, Boyapati Srinu had delivered Bhadra (2005) and Tulasi (2007),
Read more

Hrithik-Saif’s Vikram Vedha hits a roadblock

By Sumit Blogs -
Image
The stage was about to be set for Hrithik Roshan and Saif Ali Khan’s ‘Vikram Vedha’ in Mumbai’s Film City. The material had reached. The artisans had been hired. But the lights have now been dimmed. Madhavan and Vijay Sethupathi’s hit movie Vikram Vedha’s Hindi remake will not go on floors by mid-July as per the original plan. The new delta virus of COVID has sent shudders down many spines and many films which were being laid out on an expansive scale have been either held back or shifted their shoots abroad. The first schedule of this Hrithik-Saif movie will now be shot abroad. A source says, “The Mumbai schedule will be done but later.” Adds the source, “It’s a call that was taken yesterday. It wasn’t an easy call to take, no doubt, but the fact that it’s going to be a costly set made the makers take the safer route rather than be sorry later.” When contacted, General Secretary of FWICE (Federation of Western India Cine Employees), Ashok Dubey, confirmed that the makers of ‘V
Read more