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Shardul Amarchand Mangaldas & Co. and Goodwin Procter have advised Biocon Biologics, a subsidiary of Indian drugmaker Biocon, in its $3.34 billion acquisition of the biosimilars business of U.S.-based Viatris, which was counseled by Cravath, Swaine & Moore, and Saraf and Partners.

According to Reuters, the deal will expand Biocon's biosimilars portfolio of 20 treatments by adding therapies used for treating diabetes, tumors and autoimmune diseases and commercialising them for developed markets.

Viatris will get up to $2.34 billion in cash, and convertible shares in Biocon Biologics worth $1 billion, Reuters added.

The SAM team was led by partners Iqbal Khan and Ambarish, while the Goodwin Procter team was led by partners Graham Defries and Michael R. Patrone. Partner Mohit Saraf led the Saraf and Partners team, while the Cravath team was led by partners Mark Greene and Aaron Gruber.

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