Biocon Limited (NSEI:BIOCON) is in talks with private investors to raise money by diluting stake in its subsidiary Biocon Biologics to reduce debt, which had been accumulated to fund its $3.3 billion acquisition of Viatris Inc.'s (NasdaqGS:VTRS) biosimilar business, atop executive told ET. “There are several other discussions that we have been having with private equity investors who are interested in making an investment in Biocon Biologics and that will help us bring down the $1.2 billion debt . help us reduce the interest component that we see in the P&L,” Shreehas Tambe, chief executive officer and managing director of Biocon Biologics, said in an interview.

As part of the Viatris deal, Biocon made an upfront cash payment of $2 billion to Viatris.