Dec 6 (Reuters) – Indian biopharmaceutical company Biocon said on Saturday it would fully integrate its biosimilar unit Biocon Biologics as a wholly owned subsidiary.

Biocon said in a statement it will acquire the remaining stakes in Biocon Biologics from Serum Institute Life Sciences, Tata Capital Growth Fund II and Activ Pine LLP through a share swap of 70.28 Biocon shares for every 100 Biocon Biologics shares, at a price of 405.78 Indian rupees ($4.51) per Biocon share. The deal values Biocon Biologics at $5.5 billion.

Biocon Biologics Chief Executive Shreehas Tambe will become CEO and managing director of the combined entity post-integration, and Kedar Upadhye will be the chief financial officer. Biocon CEO Siddharth Mittal will transition to a group leadership role.

The integration

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