Overview
- Biocon will acquire minority stakes in Biocon Biologics from Serum Institute Life Sciences, Tata Capital Growth Fund II and Activ Pine via a swap of 70.28 Biocon shares for every 100 BBL shares at a not-less-than price of Rs 405.78, valuing BBL at about $5.5 billion.
- The company agreed to purchase Viatris’ residual holding for $815 million, with $400 million in cash and the rest through equity issued at a ratio of 61.70 Biocon shares for every 100 BBL shares.
- To fund the cash payment, the board approved raising up to Rs 4,500 crore through permitted routes, alongside authorization to issue up to Rs 1,800 crore of commercial paper as interim liquidity.
- Biocon cleared a preferential allotment of up to 17.12 crore equity shares to selling shareholders to settle the non-cash consideration, totaling Rs 6,950 crore in swap value.
- Completion is targeted by March 31, 2026, with Shreehas Tambe to serve as CEO and managing director of the combined business, and an extraordinary general meeting set for Dec. 31 to seek shareholder approvals.