March 1, 2022 -- Biocon Biologics (BBL) has entered into a definitive agreement with its partner Viatris. Accordingly, BBL will acquire the Viatris business to create a unique fully integrated global biosimilars enterprise. The revenues of this acquired business are estimated to be $1 billion in 2023.
Under the agreement, Viatris will receive consideration of up to $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 earnings before interest, taxes, depreciation, and amortization (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.
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