Biocon shares jump 6% as Mylan likely exits drugmaker after Rs 3,481 crore stake sale
Shares of Biocon jumped more than 6% on Tuesday, on track to record the sharpest single day surge in 18 months, as Viatris-owned Mylan is
Shares of Biocon jumped more than 6% on Tuesday, on track to record the sharpest single day surge in 18 months, as Viatris-owned Mylan is set to sell up to 9.2 crore shares worth up to Rs 3,481 crore, exiting the Indian drugmaker.Biocon shares jumped more than 6% to trade at Rs 436.15 apiece on Tuesday. If the stock manages to hold on to the gains till the end of the session, then today would mark its best day since January, 2025.Mylan, which is part of global healthcare company Viatris, planned to sell the stake which represents 5.64% of Biocon’s outstanding shares, according to a term sheet as per a Reuters report.
The floor price of the offer was fixed at Rs 378.50 per share, implying a discount of nearly 8% to Biocon’s previous closing price of Rs 410.95 per share. The report added that Citigroup Global Markets India and Jefferies India were the joint bookrunners and brokers for the deal.Meanwhile, around 4.4 crore shares, or 2.7% equity, changed hands in a block deal in the early trading hours, followed by another block deal that saw 4.6 crore shares change hands, ET Now reported. This brings the total number of shares which were traded in block deals to nearly 9 crore, nearly matching what Mylan was expected to sell, although the seller in the block deals that took place in the morning is yet to be ascertained.
Also Read | Mylan to sell up to $363 million stake in India's Biocon, term sheet showsBiocon shareholding patternMylan held 5.64% stake in Biocon at the end of the financial year 2026, according to data on the company’s shareholding pattern available on NSE. Promoter Kiran Mazumdar Shaw held around 30% stake, while Glentec International held around 15% stake. Around 39 mutual funds held over 15% stake in the company, while insurance companies held more than 6% stake. Nearly 3.74 lakh retail shareholders meanwhile owned 6% stake in the company, as of March 31, 2026.Biocon share priceBiocon shares sharply jumped more than 6% on Tuesday to trade at Rs 436.15 apiece on NSE, the highest level seen since May 29 this year.
The shares of the company have jumped around 7% in one week and 4% in one month.The shares of the drugmaker have gained around 12% in 2026 so far. In the longer term, Biocon shares have delivered 14% returns over one year, 66% returns over three years and 9% returns over five years.Also Read | Sensex falls 500 points, Nifty slips below 24,100 as US-Iran conflict escalates. What lies ahead? (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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