S&P Global places Biocon Biologics on positive CreditWatch on account of accelerated debt reduction
Bengaluru: Biocon Biologics Limited, a fully integrated, global biosimilars company and subsidiary of Biocon Ltd. has announced that S&P Global Ratings has recognized the Company’s accelerated progress in debt reduction by assigning a Positive outlook to its credit rating.
On Dec. 10, 2025, S&P Global Ratings placed its ‘BB’ long-term issuer credit rating on Biocon Biologics and the ‘BB’ issue rating on the senior secured notes issued by the Company with a Positive outlook, underscoring S&P’s view that these developments are a positive step toward retiring debt.
This positive development follows Biocon's announcement to make Biocon Biologics a wholly owned subsidiary. The company will acquire a stake of about 25% held by minority investors in Biocon Biologics by swapping equity shares of Biocon with Biocon Biologics' shares. Biocon Limited plans to swap compulsorily convertible preference shares (CCPS) held by Viatris Inc. in its subsidiary, Biocon Biologics Limited, by exchanging them for equity shares and cash. Biocon will also enable other minority investors to exit Biocon Biologics through a similar arrangement.
Biocon Biologics Limited, a subsidiary of Biocon Limited, is a unique, fully integrated, global biosimilars company. The Company is leveraging cutting-edge science, tech platforms, global scale manufacturing capabilities and world-class quality systems.
Biocon Biologics has commercialized 10 biosimilars from its portfolio which are addressing the patients’ needs in key emerging markets and advanced markets like U.S., Europe, Australia, Canada, and Japan. It has a pipeline of 20+ biosimilar assets across diabetology, oncology, immunology, ophthalmology, bone health and other non- communicable diseases.
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