Biopharma major Biocon has consolidated its wholly-owned subsidiary, Biocon Biologics Limited (BBL), into Biocon Limited, with the integration expected to be completed by March 31, 2026.

Biocon Biologics was formed in 2017 as a separate subsidiary to house all biosimilar assets, with the intent of unlocking value at a later stage.

In 2022, Biocon Biologics acquired the global biosimilars business of Viatris for $3.3 billion, a transaction funded through equity and approximately $1.2 billion of debt.

The leverage coming from the acquisition, Mazumdar-Shaw said, has weighed on market perception and continued to suppress Biocon’s valuation, resulting in a holding-company discount that does not reflect the underlying strength of Biocon Biologics.

As a result, BBL’s intrinsic value is not

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