The London Life Sciences, New York M&A and London Debt Finance teams advised Biocon Biologics Ltd. (BBL) (BSE code: 532523, NSE: BIOCON) on its multi-billion-dollar acquisition of the global biosimilars business of its partner Viatris Inc. (NASDAQ: VTRS). As a part of completing the transaction, Biocon Biologics issued Compulsorily Convertible Preference Shares in the company valued at $1 billion, equivalent to an equity stake of approximately 12.9% in the company on a fully diluted basis, and made an upfront cash payment of $2 billion to Viatris. Biocon Biologics funded the cash payment with $1.2 billion of debt financing. and an equity infusion of $650 million into Biocon Biologics.
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.
The cross-border, multidisciplinary Goodwin team was led by Graham Defries and Mike Patrone, and included Tim Worden, Bob Crawford, Jennifer Fay, Simon Fulbrook, Richard Hughes, Samuel Beavers, Kenny Walker-Durrant, Wei Xu, Sarah Bock, Susan Lee, Matt Wetzel, Huiya Wu, Lucy Charlton, Cusaj Thomas, Lucy Sharples, Cameron Buttermore, Kevin Walsh, Heath Roosevelt Ingram, Rich Matheny, Justin Pierce, Nadim Islam and Megan Gibson.