Key Highlights:
- Mylan, a Viatris company, plans to sell up to 92M shares of Biocon through a secondary share sale, according to a Reuters-reviewed term sheet. The transaction is valued at up to ₹34.81B (US$363M) and represents up to 5.64% of Biocon’s outstanding equity. As a secondary sale, Biocon will not receive any proceeds from the transaction.
- The share sale has been launched with a floor price of ₹378.50 per share, reflecting a 7.9% discount to Biocon’s previous closing price of ₹410.95. The move enables Viatris to monetize part of its investment in the Indian biopharma company.
- Citigroup Global Markets India and Jefferies India are acting as the joint bookrunners and brokers for the transaction. While Biocon declined to comment, Viatris told Reuters it does not comment on market rumors or speculation.
Implications:
Viatris is selling up to 92 million Biocon shares (about 5.6% of the company) in a secondary sale, so Biocon gets no money from it; the deal is priced at a discount and could push the stock short‑term but mainly clears Viatris’s overhang and lets other investors take a bigger stake.
Source: Reuters
