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Range of options to cut debt load, says Biocon
Mint Mumbai
|February 10, 2024
Co had borrowed to buy US firm for 3.3 bn; Net debt now at 1.1 billion
Biopharmaceutical firm Biocon Ltd will "remain focused" on reducing its debt taken on to buy the $3.3 billion generics portfolio of American drugmaker Viatris, a top executive said.
On 8 February, the company said it had made a prepayment of $200 million over the preceding quarter, which brought its group-level debt down to $1.1 billion.
Biocon's net debt rose to $1.9 billion in December 2022, as it sought funds to complete the mega-transaction for Viatris.
"The debt levels have been reduced to $1.1 billion at the group level and while the debt levels are comfortable now, we'd like to perhaps get to a level of three times the multiple of Ebitda (earnings before interest, taxes, depreciation, and amortization)," said Peter Bains, group CEO for Biocon Ltd in an interview with Mint.
Biocon's Ebitda for FY23 stood at 2,888 crore-three times that is 18,664 crore ($1.04 billion).
This story is from the February 10, 2024 edition of Mint Mumbai.
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