Biocon Biologics allots equity shares worth Rs 2,205.63 crore to its parent

NewsDrum Desk
24 Nov 2022

New Delhi, Nov 24 (PTI) Biotechnology major Biocon on Thursday said its subsidiary Biocon Biologics has allotted equity shares worth Rs 2,205.63 crore to it as part of an equity infusion to fund the latter's acquisition of Viatris Inc's biosimilars business.

In February this year, Biocon Biologics Ltd (BBL) inked a pact to acquire Viatris Inc's biosimilars business for consideration of up to USD 3.335 billion (about Rs 24,990 crore).

Biocon Ltd has subscribed to the equity shares and allotment has been made by BBL on November 23 for a cash consideration of Rs 2,205.63 crore (around USD 270 million), it said in a regulatory filing.

Post the allotment of shares, Biocon's stake in BBL will be 88.85 per cent, it added.

At the time of announcing the deal to acquire Viatris, BBL had said it would be through a cash payment of USD 2 billion, which would be funded through USD 800 million raised through equity infusion in BBL and the remainder by debt, additional equity or a combination. PTI RKL BAL BAL

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