Viatris Inc. said Monday it has agreed to combine its biosimilars portfolio with privately held Indian company Biocon Biologics Ltd. for up to $3.335 billion, as part of a broader overhaul of its business following a strategic review.
The Pittsburgh-based company
VTRS,
formed by the merger of generic drug maker Mylan and Pfizer
PFE,
unit Upjohn last year, said the move is the first in a planned series of asset sales that could generate pretax proceeds of up to $6 billion by the end of 2023.
Under the terms of the deal, Viatris will receive $2 billion in cash upfront, plus an additional up to $335 million in cash payments to be made in 2024, and $1 billion in convertible preferred shares, equal to a stake of at least 12.9% in Biocon Biologics, its longtime partner. The deal is…
