Viatris (VTRS) on Saturday said that it has entered into definitive agreements with Biocon for the sale of Viatris' equity stake in Biocon Biologics Limited.
Under the definitive agreements, Biocon will acquire all of Viatris' (VTRS) convertible preferred equity in Biocon Biologics for total consideration of $815 million, consisting of $400 million in cash and $415 million in newly issued equity shares of Biocon.
The shares are subject to a six-month lock-up period.
Transaction value will be subject to related taxes.
In addition, the terms of the definitive agreements accelerate the expiration of biosimilars non-compete restrictions previously placed on Viatris in 2022 in connection with Viatris' sale of its biosimilars portfolio and related commercial and other capabilities to Biocon Biologics.
These restrictions will expire immediately at the time of close for all ex-U.S. markets and in November 2026 for U.S. markets. The transaction is expected to close in Q1 2026.
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