Acquisition of Viatris’ Biosimilars Business

On closing, BBL will issue compulsorily convertible preference shares in the company valued at $1bn; upfront cash payment of $2bn to be made to Viatris.
To fund cash component, BBL has secured $1.2bn of debt; balance to be funded via an equity infusion of $650m by Biocon and $150m by partner Serum.
Biocon to finance $230m from existing reserves and $420m through mezzanine financing.
Biocon is in the process of securing investments to retire mezzanine financing, post deal closure.
Post conclusion of the Viatris and Serum deals, Biocon’s stake in BBL will stand at 68%.
BBL makes key leadership appointments as it gears to integrate the acquired business and propel the commercial engine, particularly in advanced markets.

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