India, Nov. 13 -- Biocon Ltd. is said to be exploring merging Biocon Biologics Ltd. with itself, even as the option of listing the biosimilars unit remains on the table.

The company, led by Kiran-Mazumdar Shaw, is in advanced talks with its minority shareholders for a share swap, ET reported on Thursday citing people aware of the matter. An option for cash and share swap is also proposed. When contacted, Shaw said Biocon is looking at all possible options-including a Biocon Biologics IPO, a merger or share swap. Morgan Stanley has been appointed to arrive at a decision.

"The valuation we were trying to get for IPO was under pressure due to acquisition debt," Shaw said, referring to Biocon Biologics' deal to buy Viatris' biolosimilars bu...