February 28, 2022
On February 28, 2022, Viatris Inc. (“Viatris”) announced that it reached a definitive agreement with Biocon Biologics Limited (“Biocon Biologics”) to contribute its biosimilars portfolio to Biocon Biologics, which will become a uniquely positioned, vertically integrated company expected to be a global biosimilars leader. Under the terms of the agreement, Viatris will contribute to Biocon Biologics its biosimilars portfolio and related commercial and operational capabilities, amounting to 2022 estimated revenue of approximately $875 million and 2022 estimated adjusted EBITDA of approximately $200 million, in exchange for pre-tax consideration of up to $3.335 billion, which represents a transaction multiple of 16.5x of estimated 2022 biosimilars adjusted EBITDA. Cravath is representing Viatris in connection with the transaction.
The Cravath team is led by partners Mark I. Greene and Aaron M. Gruber and includes associates Ryan J. Patrone and Kelly Nichole King on M&A matters; partner J. Leonard Teti II, senior attorney Kiran Sheffrin and associate Cecily Xi on tax matters; partner Jonathan J. Katz and associates Christopher C. Gonnella, Brendon J. Rivard and David Crampton on executive compensation and benefits matters; partner David J. Kappos and associates Christopher P. Davis and Daniel M. Barabander on intellectual property matters; partner Margaret T. Segall, senior attorney Benjamin G. Joseloff and practice area attorney Nicole M. Peles on regulatory matters; partner Matthew Morreale on environmental matters; and senior attorney Joyce Law on real estate matters. Kamini Persaud also worked on M&A matters.
Deals & Cases
October 02, 2023
On October 1, 2023, Viatris Inc. (“Viatris”), a global healthcare company, announced it has received an offer for the divestiture of substantially all of its Over-the-Counter (“OTC”) business, and has entered into definitive agreements to divest its Women’s Healthcare business, its Active Pharmaceutical Ingredient (“API”) business in India and commercialization rights in certain non-core markets that were acquired as part of the combination with Upjohn. The total transactions value, including Viatris’s 2022 divestiture of its biosimilars business, represents up to $6.94 billion of total gross proceeds. The estimated transaction value for the divestitures announced today is $3.6 billion, including gross consideration of up to approximately $2.17 billion for the divestiture of substantially all of its OTC business, and up to approximately $1.2 billion combined for the divestitures of its API and Women’s Healthcare businesses. Cravath is representing Viatris in connection with the transactions.
Deals & Cases
April 07, 2023
On Thursday, March 30, 2023, the U.S. District Court for the Southern District of New York granted summary judgment in favor of Cravath client Viatris (formed in 2020 from a combination of Mylan and Pfizer’s Upjohn division). The shareholder class action asserted numerous violations of the federal securities laws, all premised on other allegations related to Mylan’s marketing, pricing and classification of EpiPen as well as alleged conduct concerning generic drug price fixing and market allocation.
Deals & Cases
November 07, 2022
On November 7, 2022, Viatris Inc. (“Viatris”), a global healthcare company, announced it intends to create an ophthalmology franchise by acquiring Oyster Point Pharma (“Oyster Point”) and Famy Life Sciences.
Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.