On Wednesday, Biocon announced that its subsidiary Biocon Biologics had finished integrating the North American biosimilars business it had purchased from Viatris with effect from September 1, 2023.
Biocon said in a regulatory filing that Since the acquisition agreement closed in November 2022, Biocon Biologics has executed a robust integration plan to ensure a seamless transition of partners, people, systems, and processes.
In February 2022, Biocon Biologics signed an agreement to purchase the biosimilars division of Viatris Inc. for up to USD 3.33 billion (about Rs 24,990 crore).
Later, in November same year, the company completed the acquisition.
“Our successful North America (US and Canada) transition marks the second wave of our integration of the Viatris biosimilars’ business, quickly following Emerging Markets and ahead of schedule,” Biocon Biologics CEO & Managing Director Shreehas Tambe said.
He further said the company would be leading the commercial operations in the US and Canada as a global business.
“This will further enable Biocon Biologics to continue to expand the availability of our high-quality biosimilars to patients and provide more accessible and affordable options to treat diabetes, cancer, and autoimmune diseases as well as offer products in new therapeutic areas such as ophthalmology,” Tambe added.
On Wednesday share of the Biocon Ltd settled 0.7% at Rs. 269.05 on NSE.
As per the company filing, total revenue grew by 58% YoY from Rs. 2,217.4 Cr in Q1 FY23 to Rs. 3,516.1 Cr in Q1 FY24 and for the same period net profit declined by 11% YoY from Rs. 167.4 Cr to Rs. 148.9 Cr.
A biopharmaceutical business called Biocon Ltd. creates biotechnology treatments for illnesses. The company’s main areas of concentration include the development, production, and supply of innovative and biosimilar medications for autoimmune diseases, cancer, and diabetes.
