Biocon Biologics on Tuesday, Nov 29, announced the successful completion of its acquisition of the global biosimilar business of its partner Viatris Inc.
According to the company statement, both the firms have obtained all applicable approvals from key global regulators including the U.S. Federal Trade Commission, the Competition Commission of India and the Reserve Bank of India, and its investors.
The acquisition provides Biocon Biologics with direct commercial capabilities and supporting infrastructure in the advanced markets and several emerging markets. Effective from the date of closing, Biocon Biologics will recognize the combined revenue and associated profits from the acquired products.
"The acquisition of Viatris’ global biosimilars business is a historic inflection point in Biocon Biologics’ journey of becoming a world leading, fully integrated biosimilars enterprise,"
said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Biologics.
Biocon Biologics has a portfolio of 20 biosimilar assets, including insulins and monoclonal antibodies spanning therapy areas such as diabetes, oncology, immunology, and ophthalmology.
India's healthcare firms spent $4.32 billion during January to June of 2022 on mergers and acquisitions (M&A), compared to $2.02 billion in the same period last year, according to VCCEdge, a data and intelligence platform.
With the closing of the deal, Biocon Biologics has full ownership of its collaboration assets, bTrastuzumab, bPegfilgrastim, bBevacizumab, bGlargine, bAspart, bPertuzumab and bGlargine 300U, as well as Viatris’ rights for the in-licensed immunology products of bAdalimumab and bEtanercept. Biocon Biologics has also acquired Viatris’ rights for bAflibercept, which is used to treat several ophthalmology conditions.
To ensure seamless continuity of services to patients and customers, Viatris will continue to work with our teams for a transition period of up to two years, said Kiran Mazumdar-Shaw. Rajiv Malik, President of Viatris, has joined the Board of Directors of Biocon Biologics Ltd, effective Nov 29, 2022.
In another deal this week, Ahmedabad-based Zydus Lifesciences acquired some of the Indian assets of the U.S.-based Watson Laboratories, now a subsidiary of Teva Pharmaceuticals, U.S.
Another Indian drug major to make an acquisition this week was Lupin's wholly owned Brazilian subsidiary, MedQuimica, which bought rights to nine brands from Canadian Bausch Health.