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News & Insights

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.

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  • Corporate
  • Mergers and Acquisitions
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  • Executive Compensation and Benefits
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People

Photo
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
    Photo
    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
        Photo
        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
                summa cum laude

              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
                Photo
                Name
                Benjamin G. Joseloff
                Title
                Corporate
                Title
                Partner
                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
                  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
                    Kiran Sheffrin
                    Title
                    Tax
                    Title
                    Of Counsel
                    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
                      Nicole M. Peles
                      Title
                      Litigation
                      Title
                      Of Counsel
                      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
                        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

                          Related News & Insights

                          Deals & Cases

                          February 28, 2024

                          Viatris’s Global Research and Development Collaboration with Idorsia

                          On February 28, 2024, Viatris Inc. (“Viatris”), a global healthcare company, and Idorsia Ltd (“Idorsia”) announced they have entered into agreements for a significant global research and development collaboration under which Viatris will receive exclusive global development and commercialization rights to two Phase 3 assets as well as the potential to add additional innovative assets in the future.

                          Deals & Cases

                          October 02, 2023

                          Viatris’s $6.94 Billion in Announced Divestitures

                          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.

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