The London Life Sciences and New York M&A teams advised Biocon Biologics Ltd. (BBL) (BSE code: 532523, NSE: BIOCON) in its definitive agreement to acquire Viatris Inc.’s (NASDAQ: VTRS) global biosimilars business to create a unique, fully integrated global biosimilars enterprise. Viatris will receive consideration of up to $3.335 billion, including cash up to $2.335 billion plus stock in BBL valued at $1 billion.
The transaction is expected to close in in the second half of 2022, subject to satisfaction of closing conditions (including certain regulatory approvals). The companies will also enter into a Transition Services Agreement at closing, pursuant to which Viatris will provide certain post-closing transition and commercialization services for an expected two-year period. Viatris also will pay $50 million to BBL to fund certain capital expenditures relating to manufacturing. The transaction marks a milestone in BBL’s longtime collaboration with Viatris.
Biocon Biologics Ltd. is a fully integrated global biosimilars company. It leverages cutting-edge science, innovative tech platforms and advanced research & development capabilities to lower costs of biologics therapies while improving healthcare outcomes.
Viatris is a global healthcare company, created from the merger of Mylan NV and Pfizer’s Upjohn business, that empowers people worldwide to live healthier at every stage of life. Viatris provides access to medicines, advances sustainable operations, develops innovative solutions and leverages its collective expertise to improve patient health.
The cross-border, multidisciplinary Goodwin team was led by Graham Defries and Mike Patrone, and included Tim Worden, Bob Crawford, Jennifer Fay, Samuel Beavers, Kenny Walker-Durrant, Wei Xu, Sarah Bock, Kara Kuritz, Susan Lee, Matt Wetzel, Huiya Wu, Lucy Charlton, Robby Stein, Cusaj Thomas, Lucy Sharples, Cameron Buttermore, Kevin Walsh, Heath Roosevelt Ingram, Alexander Apostolopoulos, Rich Matheny, Justin Pierce, Morgan Mordecai, Ziqian Tao and Sara Lepis.