Biocon arm plans to acquire Viatris' biosimilars assets; stock falls 8%

The companies will also enter into a transition services agreement. Viatris will provide certain transition services, including commercialization services for an expected 2-years

Shares of Biocon slipped 8 per cent to Rs 363.45 on the BSE in Monday’s intra-day trade after Biocon Biologics (BBL), the subsidiary of the company, announced to acquire Viatris’ biosimilars assets for up to $3.335 billion in stock and cash.

Viatris will receive cash consideration of $2 billion on closing of the transaction and up to $335 million as additional payments expected to be paid in 2024. Additionally, upon closing of the transaction, BBL will issue $1 billion of compulsorily convertible preference shares (CCPS) to Viatris, equivalent to an equity stake of at least 12.9 per cent in