Drugmaker Viatris to divest some of its businesses

 Drugmaker Viatris said on Sunday that it has entered into agreements to divest its businesses, including the Women's Healthcare business and its Active Pharmaceutical Ingredients (API) business. It also received an offer for the divestiture of its Over-the-Counter (OTC) business.

Viatris will divest its API business in India to an Indian pharmaceutical company, Iquest Enterprises, the company said. The transaction includes three manufacturing sites and an R&D lab.

The company also separately entered into an agreement to divest its Women's Healthcare business, primarily related to oral and injectable contraceptives, to Insud Pharma, a Spanish pharmaceutical company.

Viatris said it also received an offer from a European over-the-counter drug manufacturer, Cooper Consumer Health to divest substantially all of its OTC business.

The gross proceeds to the company from all divestitures under the terms of the agreements are up to $6.94 billion, it said, adding that it will retain rights for Viagra, Dymista, and other select OTC products in certain markets representing retained value of about $1.6 billion.

The company's move to divest some of its businesses is part of its efforts to streamline its focus on three core therapeutic areas of ophthalmology, gastrointestinal and dermatology as part of its long-term strategy, it said.

Viatris in August beat Wall Street estimates for second-quarter revenue on the strength of its branded drug portfolio.

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