Mylan to Offload Up to 92 Million Biocon Shares in Rs 3,481 Crore Stake Sale
Singapore: Mylan Inc, part of a global healthcare company Viatris, plans to sell up to 92 million shares in Indian drugmaker Biocon Ltd, worth up to 34.81 billion Indian rupees (USD 363 million), according to a term sheet seen by Reuters.
The sale represents up to 5.64% of Biocon's outstanding shares. It is a secondary sale, meaning the shares are being sold by an existing investor and Biocon will not receive the proceeds.
The offer floor price is 378.50 rupees per share, a 7.9% discount to Biocon's last close of 410.95 rupees on Monday.
Neiter Mylan nor Biocon immediately responded to emailed requests seeking comment.
Citigroup Global Markets India and Jefferies India are joint bookrunners and brokers for the deal. ($1 = 95.6200 Indian rupees)
