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
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.
Deals & Cases
October 28, 2021
Cravath represented Viatris Inc. in connection with its debt exchange offer totaling up to $7.45 billion. Viatris Inc. is a global healthcare company delivering increased access to affordable, quality medicines for patients worldwide. The transaction expired on October 28, 2021.
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