Viatris closes biosimilars transaction with Biocon Biologics

Viatris announced that it has closed its transaction with Biocon Biologics, creating what Viatris expects to be a unique fully vertically integrated global biosimilars leader. Viatris and Biocon Biologics have entered a Transition Services Agreement pursuant to which Viatris will provide commercialization and certain other transition services for an expected two-year period intended to ensure business continuity for patients, customers and colleagues. Upon the completion of the transition services, Biocon Biologics will assume responsibility of commercial, regulatory and other related services. Under the terms of the transaction agreement, Viatris received $3B in consideration in the form of a $2B cash payment and $1B of convertible preferred equity representing a stake of at least 12.9 % in Biocon Biologics. Viatris also is entitled to $335M of additional cash payments in 2024.