Biocon—managed by Indian pharmaceutical billionaire Kiran Mazumdar-Shaw—is shopping for the remainder of privately held subsidiary Biocon Biologics to consolidate its biosimilars and generics drug companies.

The Bengaluru, India-based firm will purchase the stakes held by Serum Institute Life Sciences, Tata Capital and Activ Pine by swapping 70.28 Biocon shares for each 100 Biocon Biologics shares, at a worth of 405.78 rupees ($4.51) per Biocon share, in response to a assertion launched over the weekend. The deal, slated to be accomplished in March topic to regulatory approvals, values Biocon Biologics at $5.5 billion, it stated.

Separately, India-listed Biocon additionally stated it is going to additionally purchase the shares held by Pittsburgh-based Viatris in Biocon Biologics for $815 million, paying $400 million in money and $415 million in Biocon shares. The firm additionally plans to lift as much as 45 billion rupees ($500 million) by promoting shares to institutional buyers, with the proceeds going towards the money fee to Viatris.

“The integration of Biocon Biologics into Biocon represents the next chapter in our evolution,” Mazumdar-Shaw, govt chairwoman of Biocon stated within the assertion. “Strategically, Biocon will be one of the few companies offering both biosimilars and generics at a global scale”.

The firm stated that integrating Biocon Biologics will simplify its company construction and strengthen Biocon’s place in diabetes, oncology and immunology drugs, which collectively make up almost 40% of worldwide pharmaceutical business’s revenues.

With an estimated web value of $3.6 billion primarily based on Forbes’ real-time information, Mazumdar-Shaw, is among the many wealthiest in India. She based Biocon in 1978 and turned it right into a biopharmaceutical large. The firm acquired U.S. drugmaker Viatris’ biosimilars enterprise for $3.3 billion in 2022. Biocon-backed most cancers remedy drug maker Bicara Therapeutics raised $362 million in its IPO on Nasdaq final 12 months.