Biocon share price dives 11% after its subsidiary announced deal to acquire Viatris

Shares of biotechnology major Biocon on Monday tanked over 11 per cent after the company said its subsidiary Biocon Biologics has inked a pact to acquire Viatris Inc's biosimilars business.

On BSE, the shares closed 11.47 per cent lower at Rs 348.95. During the day, it touched a low of Rs 347.1.

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The shares dived 11.39 per cent to close the counter at Rs 349.6 on NSE. It fell to an intra-day low of Rs 347 during the session.

The company in a statement said that its subsidiary Biocon Biologics has 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 Biologics has entered into a definitive agreement with Viatris Inc to acquire its biosimilars business to create a fully integrated global biosimilars enterprise, Biocon Ltd said in a statement.

Viatris will receive consideration of up to USD 3.335 billion, including cash up to USD 2.335 billion and compulsorily convertible preference shares (CCPS) in Biocon Biologics Ltd, valued at USD 1 billion, it added.