Mylan Sells Entire Biocon Stake for Rs 3,679 Crore

New Delhi, Jul 14 (PTI) Mylan Inc, a part of global healthcare company Viatris, on Tuesday exited Biocon Ltd by selling its entire 5.64 per cent stake for Rs 3,679 crore through open market transactions.

A total of 9,19,67,019 equity shares, representing a 5.64 per cent stake in Biocon, were offloaded by Mylan Inc, according to the bulk and block deal data available on the BSE and the National Stock Exchange (NSE).

Mylan sold 4,59,83,510 shares on the BSE, and 4,59,83,509 shares on the NSE at an average price of Rs 400 apiece, as per the data.

This took the combined transaction value to Rs 3,678.68 crore.


Details of buyers of Biocon's shares could not be ascertained on the BSE.

Meanwhile, a clutch of domestic mutual funds, insurance companies and foreign investors purchased an equal number of Biocon's shares at the same price on the NSE.

ICICI Prudential Mutual Fund (MF), Kotak Mahindra MF, HDFC MF, Aditya Birla Sunlife MF, SBI MF, ICICI Prudential Life Insurance Company, Bajaj Life Insurance, and Axis Max Life Insurance bought shares of the biotechnology major.

Other foreign investors participating in the transaction included BNP Paribas Arbitrage, Citigroup Global Markets Singapore, Goldman Sachs Bank Europe SE, Norway's Government Pension Fund Global, NRSGVCC and Ghisallo Capital Management.

Shares of Biocon climbed 6.52 per cent to close at Rs 437.30 apiece on the BSE, while the scrip rose 6.34 per cent to settle at Rs 437 per piece on the NSE.