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Viatris’s $3.335 Billion Combination of its Biosimilars Portfolio with Biocon Biologics

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.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Tax
  • Executive Compensation and Benefits
  • Intellectual Property
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  • Antitrust
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People

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Name
Mark I. Greene
Title
Corporate
Title
Partner
Email
mgreene@cravath.com
Phone
+1-212-474-1150
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    Education

    • J.D., 1993, University of Pennsylvania Law School
    • B.A., 1989, Cornell University

    Admitted In

    • New York
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    Name
    Aaron M. Gruber
    Title
    Corporate
    Title
    Partner
    Email
    agruber@cravath.com
    Phone
    +1-212-474-1456
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      Education

      • J.D., 2007, Stanford Law School
        Order of the Coif
      • M.Phil., 2004, University of Cambridge
        Gates Cambridge Scholar
      • B.S., 2003, Yale College
        summa cum laude

      Admitted In

      • New York
      Photo
      Name
      Ryan J. Patrone
      Title
      Corporate
      Title
      Partner
      Email
      rpatrone@cravath.com
      Phone
      +1-212-474-1280
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        Education

        • J.D., 2015, New York University School of Law
          Order of the Coif; Florence Allen Scholar, magna cum laude
        • B.S., 2012, University of Florida
          summa cum laude

        Admitted In

        • New York
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        Name
        J. Leonard Teti II
        Title
        Tax
        Title
        Partner
        Email
        lteti@cravath.com
        Phone
        +1-212-474-1896
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          Education

          • J.D., 2005, University of Virginia School of Law
            Order of the Coif
          • A.B., 1999, Princeton University
            with Honors

          Admitted In

          • New York
          Photo
          Name
          Jonathan J. Katz
          Title
          Executive Compensation and Benefits
          Title
          Partner
          Email
          jkatz@cravath.com
          Phone
          +1-212-474-1538
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            Education

            • LL.M., 2013, New York University School of Law
            • J.D., 2007, Benjamin N. Cardozo School of Law
              Order of the Coif, Dean's Distinguished Scholar, summa cum laude
            • B.S., 2003, Cornell University

            Admitted In

            • New York
            Photo
            Name
            David J. Kappos
            Title
            Corporate
            Title
            Partner
            Email
            dkappos@cravath.com
            Phone
            +1-212-474-1168
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              Education

              • J.D., 1990, University of California, Berkeley, School of Law
              • B.S., 1983, University of California, Davis

              Admitted In

              • New York
              • California
              • District of Columbia
              Photo
              Name
              Margaret T. Segall
              Title
              Litigation
              Title
              Partner
              Email
              msegall@cravath.com
              Phone
              +1-212-474-1231
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                Education

                • J.D., 2008, Harvard Law School
                  cum laude
                • A.B., 2003, Harvard College
                  magna cum laude

                Admitted In

                • New York
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                Name
                Matthew Morreale
                Title
                Corporate
                Title
                Partner
                Email
                mmorreale@cravath.com
                Phone
                +1-212-474-1534
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                  Education

                  • J.D., 1997, Columbia Law School
                    Harlan Fiske Stone Scholar
                  • M.S., 1994, University of Pennsylvania
                  • B.A., 1990, University of Pennsylvania
                  • B.A.S., 1990, University of Pennsylvania

                  Admitted In

                  • New York
                  Photo
                  Name
                  Benjamin G. Joseloff
                  Title
                  Corporate
                  Title
                  Of Counsel
                  Email
                  bjoseloff@cravath.com
                  Phone
                  +1-212-474-1810
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                    Education

                    • J.D., 2008, Stanford Law School
                      Pro Bono Distinction
                    • B.A., 2004, New York University
                      Phi Beta Kappa, summa cum laude

                    Admitted In

                    • New York
                    Photo
                    Name
                    Kiran Sheffrin
                    Title
                    Tax
                    Title
                    Senior Attorney
                    Email
                    ksheffrin@cravath.com
                    Phone
                    +1-212-474-1842
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                      Education

                      • J.D., 2013, Brooklyn Law School
                        magna cum laude
                      • B.A., 2010, Wesleyan University

                      Admitted In

                      • New York
                      Photo
                      Name
                      Joyce Law
                      Title
                      Corporate
                      Title
                      Senior Attorney
                      Email
                      jlaw@cravath.com
                      Phone
                      +1-212-474-1066
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                        Education

                        • J.D., 1997, Boston University School of Law
                        • B.Comm., 1994, University of Alberta
                          Distinction

                        Admitted In

                        • New York
                        Photo
                        Name
                        Nicole M. Peles
                        Title
                        Litigation
                        Title
                        Practice Area Attorney
                        Email
                        npeles@cravath.com
                        Phone
                        +1-212-474-1624
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                          Education

                          • J.D., 2010, New York University School of Law
                            cum laude
                          • A.B., 2007, Dartmouth College

                          Admitted In

                          • New York

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