Saraf and Partners advised Viatris to sell its biosimilars assets to Biocon Biologics Limited (BBL), subsidiary of Biocon Limited for US$ 3.335 billion for stock and cash. Viatris (formally called as ‘Mylan’) is a global healthcare company, listed on NASDQ.
Viatris will receive consideration of up to US$ 3.335 billion, including cash up to US$ 2.335 billion and Compulsorily Convertible Preference Shares (CCPS) in BBL, valued at US$ 1 billion, equivalent to an equity stake of at least 12.9% in the Company, on a fully diluted basis.
Biocon is India’s largest and fully-integrated innovation led biopharmaceutical company. The acquisition will allow BBL to create a unique global position and lead to a vertically integrated business of biosimilars.
The transaction was complicated, required a multi-disciplinary approach and was executed in a record time.
The Saraf and Partners’ team is led by Mohit Saraf, Founder & Managing Partner and includes Partners, Bikash Jhawar and Vivek Pareek, M&A; Sahil Arora, Regulatory issues; Lokesh Shah, Tax; Murtaza Zoomkawala, Capital Markets; Akshayy S Nanda, Competition Law; Gayatri Roy, Intellectual Property; Ajay Bhadu and Aastha Trehan, Real Estate; Akshay Jain, Commercial Contracts.
This is one of the biggest pathbreaking M&A deals in the healthcare sector.