India's Biocon Mulls Merger Of Biosimilar Business With Mylan: Moneycontrol

India-based Biocon Ltd is reportedly in talks with generic drugmaker Mylan for a merger of their biosimilar businesses, financial news website Moneycontrol reported, citing sources with direct knowledge of the matter.

• Biocon will seek to hold a controlling majority stake in the merged entity. The companies will also look for an initial public offering for the post-merger entity seeking an over $10 billion valuation.
• Viatris Inc (NASDAQ:VTRS) was formed after combining Mylan with Pfizer Inc's (NYSE:PFE) off-patent branded drugs business.
• Biocon's biosimilar business, Biocon Biologics, and Viatris already have a comprehensive collaboration agreement. They develop, manufacture, and commercialize a portfolio of biosimilars and diabetes generic drugs, including insulin injection Semglee.
• In September, Biocon said the biosimilar unit would sell a 15% stake to a Serum Institute of India subsidiary for access to millions of vaccine doses, including COVID-19 shots. The deal valued Biocon Biologics at about $4.9 billion.
• Price Action: VTRS shares are up 1.40% at $12.60 during the market session on the last check Thursday.