CCI Clears BC Asia-IIFL, Viatris-Biocon Biologics Deals, Acquisition of GSK’s Restructuring

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The Competition Commission of India (CCI) on Tuesday granted its approval to the acquisition of up to 24.98 per cent shareholding of IIFL Wealth Management Limited by BC Asia Investments X Ltd. It has also approved the proposed transaction involving the sale of global biosimilars portfolio of Viatris Inc to Biocon Biologics Ltd and an equity infusion in Biocon Biologics by Biocon and Serum.

“The Competition Commission of India (CCI) approves acquisition of up to 24.98 per cent shareholding of IIFL Wealth Management Limited by BC Asia Investments X Limited. BC Asia (Acquirer) is an investment holding company incorporated under the laws of Mauritius, and its objective is to hold long-term investments. BC Asia is indirectly held by funds or vehicles controlled by (a) Bain Capital Investors, LLC (Bain Private Equity), (b) Bain Capital Credit Member LLC and Bain Capital Member II (together Bain Credit) and Canadian Pension Plan Investment Board (CPPIB),” the CCI said in a statement.

IIFL Wealth Management Limited (Target) is a private wealth management firm in India. IIFLWM serves highly specialized and sophisticated needs of high net-worth and ultra-high net worth individuals, affluent families, family offices and institutional clients through a comprehensive range of tailored wealth management solutions.

In another statement, the competition watchdog said it has approved the proposed transaction involving the sale of the global biosimilars portfolio of Viatris Inc to Biocon Biologics and an equity infusion in Biocon Biologics by Biocon and Serum.

“The proposed transaction involves the sale of the global biosimilars portfolio of Viatris Inc. (Viatris) (the indirect parent entity of Mylan Inc (Mylan) to Biocon Biologics and its subsidiary for cash and stock consideration and acquisition of 1 (one) common equity share and compulsory convertible preference shares convertible into common equity shares, representing at least 12.9 per cent of the fully diluted equity of Biocon Biologics by Mylan (an indirect subsidiary of Viatris) as part consideration for the acquisition of the global biosimilars portfolio of Viatris, in each case, pursuant to the transaction agreement dated February 27th , 2022 entered into between Viatris and Biocon Biologics,” it added.

In a separate approval, the CCI also approved the acquisition of corporate restructuring of GlaxoSmithKline Consumer Healthcare Holdings Limited (JVCO).

“The proposed combination involves the corporate restructuring of JVCO, including through acquisition by Haleon via demerger and the share exchange steps involving the shareholders of JVCO. Immediately following completion of the demerger and share exchange steps, the shareholding of Haleon will be held by a combination of GSK, GSK’s affiliates and GSK’s shareholders (together representing 68 per cent of Haleon’s voting rights) and (directly/indirectly) Pfizer (representing 32 per cent of Haleon’s voting rights),” it added.

JVCO was established in 2019, combining the respective legacy consumer healthcare business worldwide, including India, of GSK and Pfizer. JVCO (through its subsidiaries and affiliates) is engaged in the manufacture and distribution of consumer healthcare products.

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