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Nirmal Bang Report
Biocon Biologics Ltd. has announced that it will acquire Viatris' commercialisation rights for its biosimilar portfolio with existing partnered products, including Bevacizumab, Adalimumab, Insulin Glargine, Insulin Aspart, among others.
Biocon Ltd. will pay $3 billion upfront ($2 billion cash and $1 billion compulsory convertible preference shares) and $330 million deferred consideration.
The company has estimated that the biosimilar assets can generate annual sales of ~$1.1 billion and Ebitda of ~$250 million in CY23. Biocon will gain access to experienced commercial infrastructure of Viatris, which will help it to turn into a vertically-integrated player in the biosimilar space.
Once Viatris exercises its compulsory convertible preference shares, it will hold a 12.9% stake in Biocon Biologics. The transaction is expected to be completed by H2 FY23.
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