As we previously reported, Biocon Biologics Ltd. (a subsidiary of Biocon Ltd.) announced its intent to acquire the global biosimilars business of its long-term partner Viatris, Inc. This week, Biocon confirmed completion of its acquisition in a part-cash/part-equity transaction. Under the terms of this USD $3.335 billion deal, Biocon paid USD $2 billion up-front in cash, of which $1.2 billion comes from a Sustainability Linked Loan (SLL), making it the largest SLL to pharmaceutical and biomanufacturing companies in the Asia-Pacific region.

Biocon owns 20 biosimilar assets across several therapeutic areas including diabetes, immunology, and cancer, and has commercialized eight biosimilars in Australia, Canada, Europe, Japan, and the U.S. With the acquisition of Viatris, Biocon has now gained full ownership of several biosimilar assets from its prior collaborations with Viatris, including trastuzumab, pegfilgrastim, bevacizumab, insulin glargine, insulin aspart, and pertuzumab. In addition, Biocon now owns rights to a biosimilar aflibercept, as well as rights to Viatris's in-licensed adalimumab and etanercept biosimilars. According to Biocon's press release, the Viatris and Biocon teams will continue to work together over a two year transition period.

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