The Competition Commission of India (CCI) has approved a proposed transaction involving the sale of the global biosimilars portfolio of Viatris Inc. to Biocon Biologics Limited (Biocon Biologics) and an equity infusion in Biocon Biologics by Biocon and Serum. 

The proposed transaction involves the sale of the global biosimilars portfolio of Viatris to Biocon Biologics and its subsidiary for cash and stock consideration and acquisition of one common equity share and compulsory convertible preference shares convertible into common equity shares, representing at least 12.9% of the fully diluted equity of Biocon Biologics by Mylan (an indirect subsidiary of Viatris) as part consideration for the acquisition of the global biosimilars portfolio of Viatris, in each case, pursuant to the transaction agreement dated February 27th, 2022 entered into between Viatris and Biocon Biologics.

Mylan is a Pennsylvania corporation and an indirect wholly owned subsidiary of Viatris. Viatris is a global pharmaceutical company, headquartered in Canonsburg, Pennsylvania, focused on bringing high quality medicines to patients in over 165 countries and territories. It offers a variety of medicines, including brands, generics and biosimilars, and over-the-counter products across the world.

Biocon Biologics is a subsidiary of Biocon with a focus on Biocon’s biosimilars business. Biocon Biologics is engaged in the manufacturing and commercialization of pharmaceutical formulations such as biosimilars, insulins and drug substances in India. Within India, Biocon Biologics also has a branded formulation business which is responsible for direct B2C sales.

Serum Institute Life Sciences is an Indian private limited company and a subsidiary of Serum Institute of India.