Syngene International announced that CRISIL has placed its 'CRISIL AA+' rating on the long-term bank facilities of the Company on 'Watch with Developing Implications' following the rating action on the long term debt facilities of the holding Company, Biocon. The rating on the short-term bank facilities has been reaffirmed at 'CRISIL A1+'.
Biocon's subsidiary and Syngene's fellow subsidiary, Biocon Biologics ('BBL') announced the acquisition of the biosimilar assets of US-based Viatris Inc. for a total consideration of USD 3.335 billion, including cash up to USD 2.335 billion and compulsorily convertible preference shares (CCPS) in BBL of USD 1 billion. The upfront cash payment of USD 2 billion is expected to be funded by ~USD 800 million raised through equity infusion in BBL and the remainder is to be funded by debt.
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