Viatris deal pinches Biocon, but may prove a good bet
Dan Neff
Biocon intends to roll out BBL’s IPO in the next 18-24 months that will help finance the debt that BBL is taking on with this deal.
Synopsis
The $3.3-billion acquisition – that includes $2.3 billion cash and a 12.9% equity stake in BBL – stands at over half of the market cap of Biocon. With this deal, BBL is buying out the biosimilar portfolio of its long-time collaborator Mylan that merged with Pfizer’s Upjohn business to become Viatris.
ET Intelligence Group: The Street frowned upon Indian drug major Biocon’s move to buy the biologic business of its US business partner Viatris through its subsidiary Biocon Biologics (BBL). The Biocon stock lost 11.2% on Monday as analysts were concerned about high deal valuations, an increase in Biocon’s debt burden and execution risks in a still-emerging and complex area of biosimilars.
The $3.3-billion acquisition – that includes $2.3
BY
ET Bureau
4 mins read, Last Updated:
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