Biocon Biologics Ltd., (BBL), a subsidiary of Biocon Ltd., has entered into a definitive agreement with its partner Viatris Inc. for their biosimilar assets. As per the agreement, Biocon Biologics Ltd. will acquire the biosimilars business of Viatris to create a single, fully integrated global biosimilars business, with an estimated amount up to US$3.34 billion in cash and stock.

Kiran Mazumdar-Shaw, Executive Chairman of Biocon Biologics, said, “This acquisition is transformational and will create a unique, fully integrated, world-class biosimilars business. Our longstanding global partnership with Viatris has allowed us to achieve many firsts, setting new benchmarks for the global biosimilars industry. This strategic combination brings together the complementary capabilities and strengths of both partners and prepares us for the next decade of value creation for all our stakeholders.”

Biocon Biologics will acquire Viatris' global biosimilars business as well as its rights to the licensed portfolio. It has a portfolio of 20 biosimilars and with this integration it will become a global biosimilars player with one of the broadest and strongest pipelines in the industry.

Biosimilars is a biologic medical product that is almost an identical copy of an original product that is manufactured by a different company. In general terms, Biosimilars are officially approved ‘clone’ versions of original products and can be manufactured when the original product's patent expires.

This acquisition will accelerate BBL's direct commercialization strategy for its portfolio of current and future biosimilars by securing a direct presence in the United States, Europe, Canada , Japan, Australia and New Zealand.

Robert J. Coury, Executive Chairman of Viatris, said, “Our unique collaboration with Biocon began over a decade ago, before a pathway for biosimilars was even defined in most countries. During that time, we have had many successes and today is no exception as we come together to create a new world-class global leader in vertically integrated biosimilars. This transaction will allow Viatris to continue to participate in the global biosimilar space in a more optimized way, while allowing us to accelerate our own financial priorities.”

Since 2021, Biocon Biologics' parent company, Biocon Ltd., has been moving its pieces of investing and acquiring businesses to expand themselves globally. Last year, they also hired a new VP-HR to bolster the people's function in the long-term.