Biocon Limited · NSE:BIOCON
Biocon — Merger or Acquisition (December 2025)
29 slides from Biocon's merger presentation, Dec 6, 2025
Slide 1: Regulation 30 intimation letter to stock exchanges
Biocon Limited 20th KM, Hosur Road Electronic City Bangalore 560 100, India T 91 80 2808 2808 F 91 80 2852 3423 CIN : L24234KA1978PLC003417 www.biocon.com BIO/SECL/TG/2025-26/131 December 06, 2025 To To The Manager, The Manager, BSE Limited National Stock Exchange of India Limited Department of Corp
Slide 2: Biocon's Update Call
20th K.M. Hosur Road, Electronics City, Bengaluru 560 100 December 6, 2025 Biocon's Update Call At 08:00 hrs. IST on December 8, 2025 The management team of Biocon Limited (BSE code: 532523, NSE ID: BIOCON) will organize a conference call for Analysts and Investors to discuss Biocon Biologics Limite
Slide 3: Biocon Limited Investor Presentation: Proposed Business Consolidation
Biocon Limited Investor Presentation Proposed Business Consolidation 6th December 2025
Slide 4: Safe Harbor Statement
Safe Harbor Statement This presentation has been prepared by Biocon Limited (the “Company”). It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the Company’s business, financial condition, results of operations, trading
Slide 5: Overview of Consolidation Plan
Overview of Consolidation Plan
Slide 6: Biocon Group – A Leading Global Biopharmaceutical Company
Biocon Group – A Leading Global Biopharmaceutical Company Improving patients' lives by delivering affordable healthcare products and differentiated services 47+ Global reach in Market cap of $ 1,806M 215+ 14 of Top 20 1,500+ 11 year legacy 120+ In Revenues (FY25) cGMP approvals1 Pharma companies Pat
Slide 7: Proposed Consolidation of Biocon Limited and Biocon Biologics
Proposed Consolidation of Biocon Limited and Biocon Biologics Present Day Proposed Structure Generics (API, GLPs, OSDs, Injectables) Differentiated Portfolio Offering Products (Biosimilars, Insulins, Peptides, Complex Generics) Biosimilars (mAbs & Insulins) Contract Services (CRDMO) Contract Service
Slide 8: Strategic Rationale for the Consolidation
Strategic Rationale for the Consolidation Key Merits Simplified corporate structure driving value maximization for all stakeholders including removal of HoldCo discount Takes advantage of a larger balance sheet and improved financial metrics Operational synergies through consolidation of Group
Slide 9: Creating Value for Stakeholders
Creating Value for Stakeholders Patients & Health Systems Customers & Partners Employees Investors & Shareholders Expanding access to affordable Comprehensive offering making Enhancing career growth & Both BBL and BL Investors will and high-quality Biosimilars, us a strategic partner of choice learn
Slide 10: Overview of Consideration for Minority Shareholders of Biocon Biologics Limited
Overview of Consideration for Minority Shareholders of Biocon Biologics Limited Consideration Key Highlights • BL share price considered for share swap at ₹ Consideration 405.781 per share as on relevant date – December BBL Shareholders Shares in BBL Swap Ratio2 Shares in Biocon ₹ Cr. 1, 2025 3,732
Slide 11: Key Milestones and Timelines
Key Milestones and Timelines Indicative Timeline for Key Milestones Signing of Definitive Documentation Shareholder Vote Approvals from Relevant Regulatory Listing of Shares Issued in Long Stop Date2 with Investors Authorities and Stock Exchanges Preferential Allotment December 06, 2025 December 31,
Slide 12: Key Leadership Team Members
Key Leadership Team Members Diverse global experience and expertise KIRAN MAZUMDAR-SHAW SHREEHAS P TAMBE Executive Chairperson Chief Executive Officer & Managing Director KEDAR UPADHYE MATTHEW ERICK SUSHEEL UMESH Chief Financial Officer Chief Commercial Officer – Chief Commercial Officer – Advanced
Slide 13: Marquee Advisors for the Transaction
Marquee Advisors for the Transaction Exclusive Financial Advisor Legal Advisors Valuation and Tax Advisors Funding Partner 11
Slide 14: Consolidation Rationale & Value Unlock
Consolidation Rationale & Value Unlock
Slide 15: Our Financial Journey to Improve Financial Metrics and Unlock Value
Our Financial Journey to Improve Financial Metrics and Unlock Value (I) (II) (III) (IV) Acquisition of Viatris’ Biosimilars Acquisition Loan Refinancing QIP for Redemption of Business Business Structured Instruments Consolidation • $3B+ acquisition – one of the largest • Refinancing through offshore
Slide 16: Acquisition Refinancing - Improved Debt Maturity Profile
Acquisition Refinancing - Improved Debt Maturity Profile BBL Original Debt profile (Sep’24) Original Term Debt Amortization Schedule1 Acquisition Debt 392 401 253 6 312 75 74 $1,389mn Bilateral Debt 186 395 317 238 31 950 Working Capital FY25 FY26 FY27 FY28 FY29 FY30 Acquisition Debt Bilateral Debt
Slide 17: Deleveraged and Strengthened Balance Sheet through Refinancing, QIP and EBITDA Growth
Deleveraged and Strengthened Balance Sheet through Acquisition Re-financing, QIP and EBITDA Growth Reduction in Leverage : FY23 – PF H1261 Highlights $ Mn • H1FY26 structured debt lower vs. FY25 due to redemption of GS OCD Gross Debt 2,012 • Proforma Net Debt/EBITDA at 2.5x through as at end of H1 2
Slide 18: Business Consolidation – Next step in our journey to unlock value
Business Consolidation – Next step in our journey to improve financial metrics and unlock value (I) (II) (III) (IV) Acquisition of Viatris’ Biosimilars Acquisition Loan Refinancing QIP for Redemption of Business Business Structured Instruments Consolidation • $3B+ acquisition – one of the largest •
Slide 19: Key Benefits of Consolidation of Biocon Limited and Biocon Biologics
Key Benefits of Consolidation of Biocon Limited and Biocon Biologics 1 2 3 SIMPLIFIED CORPORATE STRUCTURE OPERATING SYNERGIES & IMPROVED CAPITAL CROSS-LEVERAGE PORTFOLIO & COMMERCIAL ALLOCATION INFRASTRUCTURE • Simplification of group corporate structure and • Synergistic utilization of infrastructu
Slide 20: Key Benefits of Consolidation of Biocon Limited and Biocon Biologics
Key Benefits of Consolidation of Biocon Limited and Biocon Biologics 1 2 3 SIMPLIFIED CORPORATE STRUCTURE OPERATING SYNERGIES & IMPROVED CAPITAL CROSS-LEVERAGE PORTFOLIO & COMMERCIAL ALLOCATION INFRASTRUCTURE • Simplification of group corporate structure and • Synergistic utilization of infrastructu
Slide 21: 1. Change in Ownership Structure
1. Change in Ownership Structure Pre-Transaction Structure Proposed Cap Table BL Public Shareholders Biocon Promoters Pre-Transaction Post-Transaction Shareholders % Holding % Holding [25%](1) BL (Listed) BBL Minority Shareholders BL Promoters 54.45% 44.44% [75%] [100%] [53%](2) [10%] BL non-promote
Slide 22: Key Benefits of Consolidation of Biocon Limited and Biocon Biologics
Key Benefits of Consolidation of Biocon Limited and Biocon Biologics 1 2 3 SIMPLIFIED CORPORATE STRUCTURE OPERATING SYNERGIES & IMPROVED CAPITAL CROSS-LEVERAGE PORTFOLIO & COMMERCIAL ALLOCATION INFRASTRUCTURE • Simplification of group corporate structure and • Synergistic utilization of infrastructu
Slide 23: 2. Cross-leverage R&D and Manufacturing Infrastructure
2. Cross-leverage R&D and Manufacturing Infrastructure Drug Substance Drug Product R&D mAbs Fermentation Synthetic Injectables OSD Bengaluru Biologics Manufacturing R&D Chennai R&D Johor Malaysia Insulins manufacturing Cranbury, New Jersey OSD Vishakhapatnam HPAPIs, Fermentation, Synthet
Slide 24: Key Benefits of Consolidation of Biocon Limited and Biocon Biologics
Key Benefits of Consolidation of Biocon Limited and Biocon Biologics 1 2 3 SIMPLIFIED CORPORATE STRUCTURE OPERATING SYNERGIES & IMPROVED CAPITAL CROSS-LEVERAGE PORTFOLIO & COMMERCIAL ALLOCATION INFRASTRUCTURE • Simplification of group corporate structure and • Synergistic utilization of infrastructu
Slide 25: 3. Growth is Accelerating and Diversifying across Platforms
3. Growth is Accelerating and Diversifying across Platforms Biologics & GLP-1s represent an increasing share of the global pharmaceutical landscape 2028E spending (USD $) Forecast of Relevant Originator Market by Net Sales ($ Bn) Spending and Growth by Therapy Areas Market potential by technology, v
Slide 26: 3. Expansive Portfolio with Complementarity across High Growth Therapy Areas
3. Expansive Portfolio with Complementarity across High Growth Therapy Areas Biosimilars Generics Examples Approved Pipeline Pertuzumab Trastuzumab SC Pegfilgrastim Denosumab Dasatinib Oncology Pembrolizumab Palbociclib Trastuzumab Bevacizumab Lenalidomide Nivolumab 9 Undisclosed BS Adalimumab Tacro
Slide 27: 3. One of the Most Comprehensive Portfolios in the Industry
3. One of the Most Comprehensive Portfolios in the Industry Trastuzumab Bevacizumab Pegfilgrastim Pertuzumab Pembrolizumab Nivolumab Adalimumab Etanercept Ustekinumab Aflibercept Denosumab Insulin Glargine Insulin Aspart rH-Insulin Liraglutide Semaglutide Vertically integrated and offers a unique co
Slide 28: 3. Combined Entity will Leverage a Global Commercial Infrastructure to Drive Growth
3. Combined Entity will Leverage a Global Commercial Infrastructure to Drive Growth Combined entity presence Levers to drive growth Cross-Leverage commercial infrastructure to expand presence to newer markets 29 90+ 358+ self-led partnered employees markets markets Offer larger basket of products in
Slide 29: Thank You
Thank You ACCELERATING Expanding Access. Propelling Growth.