Biocon shares jump 6% on reports of ₹3,481-crore block deal; Mylan likely to exit after 17 years

Shares of Biocon surged 6% in early trade on Tuesday amid heavy volumes following reports that U.S.-based Viatris-owned Mylan was looking to sell its entire 5.64% stake in the biotechnology company through block deals worth around ₹3,481 crore (approximately $365 million).

The proposed transaction will mark Mylan's complete exit from Biocon after a 17-year association. The block deal is reportedly being launched at a floor price of ₹378.50 per share, a discount of 7.8% to Biocon's Monday closing price.

Reacting to the development, Biocon shares climbed as much as 5.96% to ₹435 on the BSE, taking the company's market capitalisation to around ₹70,510 crore. The counter saw strong volume, with nearly 4.65 crore shares changing hands in early trade, compared with the two-week average of around 2.02 lakh shares.

In the previous session, the biopharma stock had ended 1.89% lower at ₹410.55. The largecap stock touched a 52-week high of ₹440.30 on May 26, 2026, and a 52-week low of ₹331 on August 11, 2025.

Mylan to end a 17-year partnership

Mylan's relationship with Biocon began in 2009 when the companies entered into an exclusive global collaboration to develop and commercialise biosimilars. The partnership was expanded in 2013 to include generic insulin analogues.

The alliance evolved into an equity relationship in 2022 after Biocon Biologics acquired Viatris' global biosimilars business for $3.3 billion. As part of the transaction, Viatris accepted $1 billion in convertible preference shares, giving it a 12.9% stake in the unlisted Biocon Biologics.

Later in December 2025, Biocon unveiled plans to make Biocon Biologics a wholly owned subsidiary through a mix of share swaps and cash payments. As part of the restructuring, Biocon proposed to acquire Viatris' remaining stake in Biocon Biologics for $815 million, comprising $400 million in cash and $415 million through a preferential allotment of Biocon shares. Following the allotment completed in January 2026, Mylan became a shareholder in Biocon with a stake of over 6%.

Biocon also agreed to acquire the remaining stake in Biocon Biologics held by Serum Institute Life Sciences, Tata Capital Growth Fund II and Activ Pine LLP through a share-swap transaction, valuing Biocon Biologics at around $5.5 billion.

The integration is aimed at bringing Biocon's generics and biosimilars businesses under a single listed entity with operations spanning more than 120 countries. Biocon Biologics is among the world's top five biosimilar companies by revenue, with 10 commercialised products across key markets, while Biocon's generics business markets more than 90 products.

At the time of announcing the restructuring, executive chairperson Kiran Mazumdar-Shaw had said the integration would create one of the few global companies with large-scale capabilities in both biosimilars and generics, strengthening Biocon's presence in diabetes, oncology and immunology while enhancing operational synergies and global reach.

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