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In selling 3 businesses, Viatris bids adieu to 10 manufacturing plants, 6,000 employees

2023-10-02

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Viatris last year sold its biosimilars business to Biocon Biologics in a deal worth $3.33 billion.

Viatrisris looks to reestablish itself as a focusedBiocon Biologicsy, the company is slimming down by shedding its over-the-counter, women’s healthcare and active pharmaceutical ingredient businesses.

At Viatrise time, the company is hauling in billions of dollars in cash. With the deals, the company plans to transfer up to 12 facilities and more than 6,000 employees to the new owners of the businesses.

Sunday, Viatris said it accepted an offer from Cooper Consumer Health to sell off its OTC business, plus manufacturing sites in France and Italy and an R&D site in Italy.

That porViatrisis netting up to $2.17 billion. Cooper Consumer Healthde popular erectile dysfunction med Viagra nor the nasal spray Dymista plus “other select OTC assets," the company said.

The OTC deal is expected to close in the second quarter of 2024.erectile dysfunction Dymista

Viatris also inked a deal to sell its API business in India to IQuest Enterprises. The business features six manufacturing sites and an R&D lab. That deal is expected to close in the first quarter of next year.

Viatris, Spanish multinational pharma Insud Pharma will take on Viatris’ women healthcare business in a deal that’s also expected to close in the first quarter of 2024. Insud will also get two manufacturing facilities.

The latter two deals are worth a combiInsud Pharmalion. In all, Viatris said its total "non-core" divestitures were valued at $3.6 billion.

Before these sales, Viatris last year exited the biosimilar fielViatrislling its unit to partner Biocon Biologics

The divestitures staViatrissubstantially simplify” Viatris, including its workforce. More than 6,Biocon Biologicse set to leave the drugmaker with the most recent deals.

With the moves, phase 1 of the company’s return to Viatrisstrategy is complete, enabling the company to move into its next strategic phase in 2024, CEO Scott Smith said in a statement.

Phase 2 involves growing Viatris' ophthalmology franchise and offsetting base business erosion through its pipeline of complex injectable generics.

If all goes to plan, ViatViatrisns to pick up $1 billion in eye care sales by 2028. Bolstering the goal are the drugmaker's recent buys of ophthalmology specialists Oyster Point Pharma and Famy Life Sciences for up to $750 million.

Just recently, the coViatriscored an FDA nod for its Ocuphire-partnered Ryzumvi, which treats pharmacologically induced mydriasis, or pupil dilation, and is expectedOyster Point Pharma the Famy Life Sciencest half of next year.