Biocon Secures Rs 4,150 Cr Through QIP to Buy Out Viatris Stake in Biologics Arm
Bengaluru: Biocon Limited has successfully concluded a Rs 4,150 crore (approximately USD 460 million) equity fundraise through a Qualified Institutions Placement (QIP), marking a major step towards strengthening its balance sheet and consolidating its biologics business.
The fundraise was completed between 12 January 2026 and 14 January 2026, the company informed stock exchanges.
According to the disclosure, Biocon raised the funds through the issuance of 112,664,585 equity shares of face value ₹5 each, at an issue price of ₹368.35 per equity share, including a premium of ₹363.35 per share. The QIP attracted strong participation from a diverse group of domestic and international institutional investors, reflecting confidence in Biocon’s long-term growth strategy and business fundamentals.
Biocon stated that the net proceeds from the QIP will be primarily utilised to meet the cash consideration payable to Mylan Inc. (Viatris) for the acquisition of its remaining minority stake in Biocon Biologics Limited, including the repayment of debt availed for this purpose. The company recently announced that its Board of Directors had approved a strategic corporate action to acquire all remaining minority shareholdings, including Viatris’ stake, thereby making Biocon Biologics a wholly owned subsidiary. The integration process is expected to be completed no later than 31 March 2026.
In addition, the proceeds will also be used for the repayment of debt availed for the acquisition of compulsory convertible debentures (CCDs) of Biocon Biologics Limited held by Edelweiss, along with funding general corporate purposes.
The QIP witnessed interest from 39 investors, with allocations made to all participating investors. These included domestic mutual funds, domestic insurance companies, and foreign institutional investors. Leading financial institutions such as SBI Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Birla Mutual Fund, HDFC Life Insurance, ICICI Prudential Life Insurance, and JPMorgan Asset Management, among others, participated in the fundraise.
Biocon received shareholders’ approval for the QIP at the Extraordinary General Meeting held on 31 December 2025. The issue was managed by Kotak Mahindra Capital Company Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited, and Morgan Stanley India Company Private Limited as Book Running Lead Managers. Shardul Amarchand Mangaldas & Co. acted as legal counsel to Biocon, while Linklaters Singapore Pte. Ltd. and JSA Advocates & Solicitors served as legal counsels to the lead managers.
The company stated that the integration of Biocon Biologics will further strengthen its leadership across diabetes, oncology, and immunology, supported by a differentiated portfolio of biosimilars, insulins, generics, and peptides, including GLP-1 therapies.
