New Delhi, Dec. 6 -- Biocon Ltd will integrate Biocon Biologics Ltd as a wholly owned subsidiary in a deal valuing the unit at $5.5 billion, the company said on Saturday.

Biocon will acquire the remaining stake in Biocon Biologics from Serum Institute Life Sciences, Tata Capital Growth Fund II and Activ Pine LLP via a share swap of 70.28 Biocon shares for every 100 Biocon Biologics shares, at Rs.405.78 per share.

It will also acquire the residual stake held by Mylan Inc. (Viatris) for a total consideration of $815 million, of which $400 million will be payable in cash and the rest through a share swap of 61.70 Biocon shares for every 100 Biocon Biologics shares, at Rs.405.78 per share.

The integration of the unit is expected to be comp...