Mylan to Sell $363 Mn Biocon Stake Through Secondary Share Sale
Advertisement
The sale covers as much as 5.64% of Biocon's outstanding shares, making it a sizeable market transaction.
US-based global pharma company Mylan, a subsidiary of global healthcare company Viatris, has launched a secondary share sale of up to 92 million shares in India’s Biocon, valued at as much as INR 34.81 Bn ($363 million).
The transaction represents up to 5.64% of Biocon's outstanding equity and will not generate any proceeds for Biocon.
The offering has been launched at a floor price of INR 378.50 per share, reflecting a 7.9% discount to Biocon's previous closing price of INR 410.95.
The proposed transaction comes years after Viatris inherited Mylan's strategic relationship with Biocon through the merger of Mylan and Upjohn in 2020.
Mylan and Biocon have collaborated extensively in biosimilars, including the commercialization of insulin and monoclonal antibody products across global markets.
Over time, Viatris has gradually streamlined parts of its portfolio and investments as part of its broader capital allocation strategy.
As this is a secondary share sale, the proceeds will go entirely to the selling shareholder, Mylan, rather than to Biocon.
The transaction therefore does not involve the issuance of new equity, nor does it alter Biocon's capital structure or provide fresh funding for the company. Instead, it represents a change in ownership of existing shares held by an institutional investor.
The sale covers as much as 5.64% of Biocon's outstanding shares, making it a sizeable market transaction.
Citigroup Global Markets India and Jefferies India have been appointed as the joint bookrunners and brokers managing the transaction.
Founded by Kiran Mazumdar-Shaw, Biocon has evolved into one of India's leading biopharmaceutical companies with businesses spanning biosimilars, generic formulations, research services and novel biologics.
In recent years, the company has strengthened its global footprint through biosimilar launches in key regulated markets while continuing to expand manufacturing and research capabilities.
Stay tuned for more such updates on Digital Health News
