Wednesday Mar 29, 2023

Taparias’ eyecare business Famy Life tajen over by Viatris for Rs 2,460 crore

Taparias’ eyecare business Famy Life tajen over by Viatris for Rs 2,460 crore

As per the press release, Taparia’s eyecare (ophthalmology) business division, Famy Life Sciences, will be purchased by Viatris Inc. (formerly Mylan Labs) for around $300 million in cash. According to a statement from the company, the Taparia family, who had previously controlled Famy Care Group, will keep expanding their non-ophthalmic business after the sale.

After selling the women’s healthcare company Famy Care to Mylan for Rs 5,000 crore in 2015, this is the Group’s second capital divestment from the healthcare industry. Six novel chemical entities (NCEs) or chemicals that are in phase 3 trials and are being further researched by Viatris make up the ophthalmology portfolio of Famy Life. The remaining dermatological and oncology operations will be separated into a brand-new company called Famy Pharma.

In 2020, Mylan N.V. was merged and then spun-off with Upjohn Business of Pfizer Inc. to form Viatris Inc. Famy Care was a family business started by JP Taparia and is now run by his two sons Sanjeev and Ashutosh.

The Taparias returned to the pharmaceutical industry in 2017 with Famy Life Sciences after the sale of the Famy Care business. With a robust ophthalmic portfolio of phase 3 clinical assets in illnesses including Dry Eye, Presbyopia, Blepharitis, and many others, Famy Life Sciences is indeed an innovation-led drug discovery company. These are requirements that are unfulfilled or underserved that can offer treatment to huge patient groups. According to the statement, around 18 million people in the US alone receive a diagnosis of dry eye each year.

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