- Immediately Accretive Combination Creates a Unique Global, Vertically 
Integrated Biosimilars Leader

    Biocon Biologics Ltd., a subsidiary of Biocon Ltd. (BSE code: 532523) (NSE: 
BIOCON), has entered into a definitive agreement with its partner Viatris Inc. 
(NASDAQ: VTRS). Accordingly, Biocon Biologics Ltd. (BBL) will acquire Viatris' 
biosimilars business to create a unique fully integrated global biosimilars 
enterprise. The revenues of this acquired business are estimated to be USD 1 
billion next year. Viatris will receive consideration of up to USD 3.335 
billion in cash and stock. 

    BBL will acquire Viatris' global biosimilars business along with its rights 
for the in-licensed portfolio. BBL will realize full revenues and profits from 
the acquired business, expanding its EBITDA base and strengthening overall 
financials, thus enabling investments for sustained long-term growth. BBL has a 
portfolio of 20 biosimilars, and with this integration it will become a world 
leading biosimilars player with one of the broadest and deepest pipelines in 
the industry.

    This acquisition will accelerate BBL's direct commercialization strategy 
for its current and future biosimilars portfolio by providing a direct presence 
in U.S., Europe, Canada, Japan, Australia and New Zealand. 

    Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Biologics, said: "This 
acquisition is transformational and will create a unique fully integrated, 
world leading biosimilars enterprise. Our long-standing global partnership with 
Viatris has enabled us to achieve many firsts, setting new benchmarks for the 
global biosimilars industry. This strategic combination brings together the 
complementary capabilities and strengths of both partners and prepares us for 
the next decade of value creation for all our stakeholders." 

    "The deal will enable BBL to attain a robust commercial engine in the 
developed markets of U.S. & 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. This development takes our partnership with Viatris to the next level 
to realize our shared purpose of impacting global health by providing 
affordable access to high quality essential and life-saving Biosimilar drugs," 
she added.

    Coury, Viatris' Executive Chairman said: "Our unique collaboration with 
Biocon began more than a decade ago, even before a biosimilars pathway was 
defined in most countries. During that time, we have experienced many 
successes, and today is no exception as we join together to create a new, 
uniquely positioned world class vertically integrated biosimilars leader. 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."

    The transaction, which is expected to close in H2-2022, will be value 
accretive to Biocon and BBL shareholders.

    Kiran Mazumdar-Shaw will continue as Executive Chairperson of BBL; Viatris 
to designate Rajiv Malik, President of Viatris, to serve on BBL Board.

    Read more: https://bit.ly/PRP220228
    
    Presentation: https://bit.ly/BBLAcquViatrisBiosimilars

    Logo: https://mma.prnewswire.com/media/1755682/Biocon_Biocologics_Logo.jpg  
    Video: https://www.youtube.com/watch?v=N6QA6gDw_es 

    Source: Biocon Biologics Ltd