Viatris to sell Famy Care, preparing to exit non-core business

Mylan, a subsidiary of Viatris, acquired Family Care in 2015 from the Mumbai-based Taparia family in a cash deal worth $800 million. One of the people mentioned above said the Taparia family has been approached by several buyout funds to finance the buyback if they are interested in running the business again. “Other strategic investors, including some pharma companies making big bets over the counter or OTC, womens hygiene business will also be interested in buying the portfolio,” the person said.

The potential deal size of the Famy Care portfolio, or the names of buyout funds or strategic players interested in the deal, could not be immediately ascertained.

The Viatris, Jefferies and Taparia families did not immediately comment on Monday evening.

Famy Care manufactures hormonal and female reproductive health products, including emergency contraceptives. The sale of Famy Care is part of Viatris’ global plan, which it treats as non-original.

Viatris said it intends to exit a number of non-core assets to unlock shareholder value on February 28. It states that India based biocon Biologics was buying Viatris’s biosimilar business in a cash-and-stock deal for $3.35 billion. The deal is expected to conclude soon, Viatris said in an exchange filing on Monday night.

Viatris previously said it has identified non-core opportunities, including the Biocon Biologics deal that could generate about $9 billion in pre-tax earnings to the company.

“The company expects to enter into additional transactions that will maximize and crystallize the value of other assets by the end of 2023,” Viatris said without naming other businesses that it was non-core.

Separately, on October 11, Bloomberg reported that Viatris was weighing in on sales of its European consumer OTC business at about $3 billion. Meanwhile, Viatris identifies ophthalmology, gastroenterology and dermatology as key therapeutic areas it wants to focus and expand on.