bullish
Biocon Ltd (BIOS IN): Stake Sale in Subsidiary Is a Step in Right Direction
303 Views14 Sep 2022 19:38
SUMMARY
- Biocon Ltd (BIOS IN) divested 5.4% stake in Syngene International Ltd (SYNG IN) and raised INR12.2B. The proceed will be used to finance Biocon’s acquisition of biologics business of Viatris.
- Biocon is still working on the equity-debt split of Viatris deal, and a final decision on the same will be announced soon.
- The strategic deal with Viatris will transform Biocon Biologics into a leading vertically integrated global biologics company, with one of the broadest and deepest commercialized biosimilars portfolio in the industry.
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