Biocon receives ratings action from CRISIL

15 Mar 2022 , 01:33 AM

Biocon announced that CRISIL has placed its CRISIL AA rating on the long-term bank facilities of the Company on Watch with Developing Implications The rating on the short-term bank facilities has been reaffirmed at CRISIL A1 The above rating was placed under watch with developing implications pursuant to the announcement made by the Company vide its letter dated 27 February 2022 on the acquisition of the biosimilar assets of US-based Viatris Inc by Biocon Biologics BBL a subsidiary of the Company for a total consideration of USD 3335 billion including cash up to USD 2335 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 CRISIL ratings will continue to monitor progress on the transaction and will remove the ratings from Watch with Developing Implications category and take a final rating action once the regulatory approvals are in place and the transaction is concluded