New Delhi, Feb 28 (IANS): Biocon Biologics on Monday said it will acquire Viatris global biosimilars business including their rights in partnered in-licensed portfolio.

The company is making the acquisition for up to $3.335 billion in stock and cash.

The company said that the acquisition will give it access to Viatris' commercial engine in developed and emerging markets and will be value accretive.

Besides, BBL will gain access to Viatris global biosimilars business estimated to be of $1 billion in revenue next year.

This transaction accelerates BBL's direct commercialisation strategy for its current and future biosimilars portfolio.

Furthermore, Viatris is to provide commercial and other transition services for an expected period of two years to ensure continuity of customer service and smooth transition to BBL.

"This acquisition is transformational and will create a unique fully integrated, world leading biosimilars enterprise. Our long-standing global partnership with Viatris has enabled us to achieve many firsts, setting new benchmarks for the global biosimilars industry," said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Biologics.

"This strategic combination brings together the complementary capabilities and strengths of both partners and prepares us for the next decade of value creation for all our stakeholders."

In addition, she said that the deal will enable BBL to attain a robust commercial engine in the developed markets of US and Europe and will fast-track the company's journey of building a strong global brand.

"It will also make us future-ready for the next wave of products. This development takes our partnership with Viatris to the next level to realise our shared purpose of impacting global health by providing affordable access to high quality essential and life -saving Biosimilar drugs."