Mylan launches block deal to sell minority stake in Biocon for up to $363 million

Mylan Inc, an arm of US healthcare major Viatris, has launched a block deal to sell its minority stake in Biocon Ltd of up to $363 million ( ₹34.81 billion), according to a term sheet reviewed byMint. The firm is planning to offload 92 million equity shares in the Bengaluru-headquartered company, representing 5.64% of the company’s existing equity. The floor price has been set at ₹378.50 per share, a 7.9% discount to Biocon's closing price on NSE on 13 July, according to the term sheet.

The offer opened on 13 July and will close on 14 July, with the trade expected to take place on 14 July and settlement scheduled for 15 July. Jefferies and Citi are acting as joint bookrunners for the transaction.

“We do not comment on market rumours or speculation,” Viatris said in response to Mint's queries. Biocon did not respond immediately.

Mylan’s current stake in Biocon traces back to Biocon Biologics’ $3.3 billion acquisition of Viatris’s global biosimilars business in 2022. Viatris was formed through the combination of Mylan and Pfizer’s Upjohn business.

Under the deal, Viatris received $2 billion in upfront cash and $1 billion in compulsorily convertible preference shares in Biocon Biologics, equivalent to an equity stake of at least 12.9% on a fully diluted basis. The transaction also included up to $335 million in additional payments. The acquisition gave Biocon Biologics ownership of Viatris’s global biosimilars portfolio, which the company is leveraging to expand its commercial presence across developed markets.

In December 2025, Biocon agreed to acquire Viatris’s stake in Biocon Biologics for a total consideration of $815 million, comprising $400 million in cash and $415 million through the issuance of new Biocon shares to Mylan Inc. The transaction effectively converted Viatris’s holding in the unlisted Biocon Biologics into a direct stake in the listed parent.

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.

Biocon, headed by Kiran Mazumdar-Shaw, is one the country’s top biopharmaceutical firms with businesses spanning biosimilars, generics and research services. Its subsidiary Biocon Biologics merged with the parent company earlier this year to unlock value and clean up the parent company’s balance sheet as it focused on deleveraging.

Jessica has been tracking the pharmaceutical, life sciences and healthcare sector for Mint since November 2024. Based in the country's financial capital, she reports on everything to do with health and medicines. This includes corporate action, patent wars, deals, startup activity and consumer trends. She also keeps a keen eye on the ever-evolving world wellness and preventive health, which moves faster than regulation can keep up. She has a deep interest in what the future of health looks like and how science, innovation, policy and company decisions inform and impact the health of citizens. She has been a reporter for five years, working with publications like The Core and News18 prior to this, covering various sectors like automobiles, real estate, energy, sustainability and urban mobility. Jessica has a bachelor’s degree in English from St Xavier’s College, Mumbai and a postgraduate diploma in media from Sophia’s College, Mumbai. Her work is driven by a desire to decode how macro decisions and events alter and shape the lives of ordinary people. Drop her a mail or a message to discuss business scoops, exciting new medicines and inventions, or your latest wellness routine.

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