According to the company's exchange filing, Biocon Biologics Ltd. and its subsidiaries have completed a debt deal to raise $1.2 billion for the financing of the acquisition of Viatris Inc.'s biosimilars business and other acquisition-related expenses.
Biocon spent 18.65 billion rupees in its subsidiary Biocon Biologics on Friday in order to purchase Viatris' biosimilar assets.
Additionally, Biocon Biologics raised 12.17 billion rupees from one of Biocon's affiliates and 12.37 billion rupees from a division of vaccine manufacturer Serum Institute of India, Serum Institute Life Sciences Pvt Ltd.
According to The Economic Times, Biocon Biologics has obtained the necessary regulatory permissions to buy Viatris' biosimilar business and is currently raising $800 million (about 65.34 billion rupees) for this reason.
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The parent company Biocon will provide $650 million (or 53.09 billion rupees) of the $800 million as per the report.
