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 CharltonCusaj Thomas, Lucy Sharples, Cameron ButtermoreKevin Walsh, Heath Roosevelt Ingram, Rich Matheny, Justin PierceNadim Islam and Megan Gibson.