|Company Name||Viatris Inc.|
On February 28, 2022, before the market opened, Viatris revealed that it had decided to undertake a global reshaping of its business, announcing that it had entered into an agreement to sell it biosimilars business to Biocon Biologics Limited and was seeking to divest additional business assets and focus on developing products in three core therapeutic areas as part of its reshaping. The same day, the Company announced disappointing guidance for fiscal year 2022, attributing the lower-than-expected numbers to competition around key core products and price deterioration in certain markets.
On this news, Viatris’s stock price fell $3.53, or 24.3%, to close at $11.01 per share on February 28, 2022, thereby injuring investors.
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