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Motilal Oswal Report
Biocon Ltd. recently announced that its subsidiary, Biocon Biologics Ltd., has entered into a definitive agreement with Viatris to acquire its biosimilar business for $3.3 billion.
The deal enhances Biocon Biologics' commercial/regulatory capabilities in developed markets and gives it the option to acquire b-Aflibercept (a potential Biosimilar asset).
The valuation, based on estimates shared by Biocon's management, stands at 3.8 times/3 times CY22/CY23 sales and 16.5 times/13.2 times CY22/CY23 Ebitda.
While the deal forward integrates Biocon Biologics in the biologics value chain, the valuation paid for acquiring the Viatris' commercial infrastructure in developed markets is expensive.
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