The Competition Commission of India (CCI) approves proposed transaction involving the sale of the global biosimilars portfolio of Viatris Inc. to Biocon Biologics Limited (Biocon Biologics) and an equity infusion in Biocon Biologics by Biocon and Serum (Proposed Transaction).

The Proposed Transaction involves the sale of the global biosimilars portfolio of Viatris Inc. (Viatris) (the indirect parent entity of Mylan Inc (Mylan) to Biocon Biologics and its subsidiary for cash and stock consideration and acquisition of 1 (one) common equity share and compulsory convertible preference shares convertible into common equity shares, representing at least 12.9% of the fully diluted equity of Biocon Biologics by Mylan (an indirect subsidiary of Viatris) as part consideration for the acquisition of the global biosimilars portfolio of Viatris, in each case, pursuant to the transaction agreement dated February 27th , 2022 entered into between Viatris and Biocon Biologics.

Mylan - Mylan is a Pennsylvania corporation and an indirect wholly owned subsidiary of Viatris. Viatris is a global pharmaceutical company, headquartered in Canonsburg, Pennsylvania, focused on bringing high quality medicines to patients in over 165 countries and territories. It offers a variety of medicines, including brands, generics and biosimilars, and over-the-counter products across the world.

Biocon Biologics - Biocon Biologics is a company limited by shares, incorporated in India. Biocon Biologics is a subsidiary of Biocon with a focus on Biocon’s biosimilars business. Biocon Biologics is engaged in the manufacturing and commercialization of pharmaceutical formulations such as biosimilars, insulins and drug substances in India. Within India, Biocon Biologics also has a branded formulation business which is responsible for direct B2C sales.

Serum Institute Life Sciences Private Limited (Serum) - Serum is an Indian private limited company and a subsidiary of Serum Institute of India Private Limited.

Detailed order of the CCI will follow.

Competition approval for a biosimilars portfolio transfer and concurrent equity infusion enabling the proposed corporate combination. The Competition Commission of India approved a cross-border combination where Viatris will sell its global biosimilars portfolio to Biocon Biologics for cash and stock, and Mylan will take equity and convertible preference shares in Biocon Biologics as part consideration, modifying the target's ownership structure; detailed regulatory order to follow.