Biocon to absorb Biocon Biologics in $5.5-bn deal

FIRM TO ACQUIRE STAKE HELD BY SERUM, MYLAN

- PRESS TRUST OF INDIA

BIOTECHNOLOGY MAJOR BIOCON on Saturday said it will fully integrate Biocon Biologics with itself, in a deal valuing the biologics unit at $5.5 billion.

As part of the transaction, Biocon will acquire the remaining stake in Biocon Biologics from Serum Institute Life Sciences, Tata Capital Growth Fund II and Activ Pine LLP through a share swap, valuing Biocon Biologics at $5.5 billion, the Bengaluru-based company said in a regulatory filing.

The share-swap ratio has been fixed at 70.28 Biocon shares for every 100 Biocon Biologics shares, at a share price of 405.78 per Biocon share, it added.

Further, Biocon will acquire the residual stake held by Mylan (Viatris) for a total consideration of $815 million, of which $400 million will be payable in cash and $415 million through a share swap, it added.