US healthcare major Viatris owned-Mylan is eyeing a complete exit from Biocon Ltd and has launched a block deal worth around Rs 3,481 crore ($365 million) to sell its minority stake of 5.64 per cent in the top drugmaker, multiple industry sources in the know told Moneycontrol.
“The lock in period has lapsed and this is intended to be a clean out trade by Mylan ,” said one of the persons above.
A second person added that the floor price of the proposed block deal is Rs 378.50, a 7.9 per cent discount to Biocon’s last trade price on July 13.
A third person added, “ This is a non-core investment for Mylan and they are looking to unlock value with the full exit. Investment banks Citi and Jefferies are acting as the advisors.”
The three persons above spoke to Moneycontrol on the condition of anonymity.
Email queries have been sent, but an immediate response couldn’t be elicited from Viatris, Jefferies, Citi and Biocon. This article will be updated as soon as we hear from the parties.
CNBC TV-18 had earlier reported Mylan’s stake sale plans on July 9. Mylan acquired the stake after Biocon completed its acquisition of the company's holding in Biocon Biologics in January 2026 through a combination of a share swap and cash consideration. As part of the transaction, Mylan received a preferential allotment of Biocon shares.
(This is a breaking news story and will be updated shortly)