PremiumBiocon Biologics Ltd has agreed to acquire the biosimilar assets of its partner Viatris Inc. for $3.34 billion in cash and stocks, a move that will give the Indian company access to developed markets in North America and Europe.
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Biocon chief Kiran Mazumdar-Shaw on Thursday said that her company can help US President Joe Biden fulfill his promise of providing insulin at the cost of $35 a month. Delivering his first State of the Union address, President Biden vowed to cap the cost of insulin at $35 a month so everyone can afford it.
Delivering his address, Biden said, “First – cut the cost of prescription drugs. Just look at insulin. One in ten Americans has diabetes. In Virginia, I met a 13-year-old boy named Joshua Davis. He and his Dad both have Type 1 diabetes, which means they need insulin every day".
“Insulin costs about $10 a vial to make. But drug companies charge families like Joshua and his Dad up to 30 times more. I spoke with Joshua’s mom. Imagine what it’s like to look at your child who needs insulin and have no idea how you’re going to pay for it. What it does to your dignity, your ability to look your child in the eye, to be the parent you expect to be."
Biocon Biologics Ltd, a unit of Biocon Ltd, on Monday, said it has agreed to acquire the biosimilar assets of its partner Viatris Inc. for $3.34 billion in cash and stocks, a move that will give the Indian company access to developed markets in North America and Europe.
As part of the deal, Biocon Biologics will gain Viatris' global biosimilars business whose revenues are estimated to be USD 1 billion next year along with its portfolio of in-licensed biosimilar assets.
The acquisition will help the company to have a comprehensive portfolio, comprising its current range of commercialised insulins, oncology and immunology biosimilars as well as several other biosimilar assets under development.
Biocon Biologics, which currently has a portfolio of 20 biosimilars, will also have access to the vaccine portfolio through its previously announced partnership with Serum Institute Life Sciences (SILS).
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