'Biocon Biologics ahead of plan in integrating Viatris'

The biosimilar unit of Biocon expects to raise additional capital this year, says CEO Tambe

- Ranjani Raghavan

• $3.34 bn Biologics paid to buy biosimilar portfolio of Viatris
• 56% Biologics' share in Biocon's Q4FY23 revenue

Biocon Biologics Ltd, the biosimilar unit of drugmaker Biocon Ltd, has achieved a third of its post-deal integration with Viatris’s global biosimilar portfolio ahead of time and expects to focus on integrating its US and European operations in the next phase, chief executive Shreehas Tambe said, adding the company also expects to raise additional capital this year.

"Earlier, we had guided two years for the whole transition. A good part is the first wave has come way ahead of plan and is a good indicator of where we are headed," Tambe said.

On Wednesday, Biocon Biologics said it had taken over the commercialization of Viatris’ biosimilar business in over 70 countries of emerging markets. Biocon Biologics closed the $3.34 billion deal to acquire the global biosimilar portfolio of Viatris in November 2022 in a mixture of cash and equity. Biocon paid $2 billion in cash, which included a $1.2 billion sustainability loan. It also issued compulsorily convertible preference shares (CCPS) to Viatris of approximately $1 billion.