Viatris Inc. (formerly Mylan Labs ) has agreed to acquire Famy Life Sciences – the eyecare ( ophthalmology ) business of Taparia family for a total cash payout associated with around Rs 2, 460 crore ($300 million). The Taparia family members, which had owned Famy Care Group, will retain the non-ophthalmic business which they will continue to grow, said a company statement.
This is the Group’s second value creation in the healthcare space, after selling Famy Care which consists of women’s health care business to Mylan for Rs 5, 000 crore in 2015.
The ophthalmology portfolio consists of six new chemical entities (NCEs or molecules) that are under phase 3 trials and will be developed further by the Viatris. The remaining oncology and dermatology business will be demerged into a new entity named Famy Pharma.
In 2020, Mylan N. V. had combined the business with the spun-off Upjohn Business of Pfizer Inc. to form Viatris Inc. Famy Care was started by JP Taparia plus currently run by sons Sanjeev and Ashutosh.
After selling Famy Care, the Taparias re-entered into the pharma company in 2017 with Famy Life Sciences. Famy Life Sciences is an innovation-led drug development platform, with the strong ophthalmic portfolio associated with phase 3 clinical assets in diseases such as Dry Eye, Presbyopia and Blepharitis amongst others. These are unmet/under-served needs that can provide relief to large patient populations. About 18 million people in the particular US itself get diagnosed with dry eye annually, added the statement.
“We began focusing on the innovation space a few years ago given the large opportunity. Viatris has been an excellent partner & this transaction creates the strong demonstration of worth creation with regard to an Indian company in the global development life sciences space, ” said Sanjeev & Ashutosh Taparia, promoters of Famy Life Sciences.
“The idea was to bring best in class molecules to patients. Building this ophthalmic portfolio has been very exciting and we see tremendous opportunities within the healthcare space that we will continue in order to pursue, ” said Nidhi Agarwal & Anjali Biyani, directors at Famy Existence Sciences.
Inside February, Viatris Inc. experienced sold its biosimilars business to Biocon Biologics, a subsidiary of Biocon Ltd . regarding a consideration of up to $3. 335 billion, including money up to $2. 335 billion plus Compulsorily Convertible Preference Shares (CCPS) within BBL, valued at $1 billion.
Viatris had sold global commercial infrastructure in developed and emerging markets along with global biosimilars business with an estimated revenue associated with $875 million and EBITDA of $200 million intended for CY 2022.
In the past, Mylan had done multiple big buyouts within India. In 2007, it acquired Hyderabad-based Matrix Laboratories, for $736 million. Mylan had acquired Bengaluru-based Strides’ unit Agila Specialities, maker of off-patent generic injectable medicines catering to oncology, for $1. 6 billion dollars (Rs 8, 700 crore).