Biocon Soars: Mylan Exits With Major Stake Sale

Biocon shares experienced a notable increase of over 6% on Tuesday, marking a significant surge. This movement is attributed to Viatris-owned Mylan's plan to divest its substantial stake, representing 5.64% of Biocon's outstanding shares. The offer's floor price was established at Rs 378.50 per share, a figure that included a discount relative to Biocon's prior closing price.

Early trading on Tuesday saw substantial activity with block deals involving nearly nine crore shares. This volume closely aligns with the total stake Mylan is expected to sell. While the specific seller in these morning block deals remains unconfirmed, the timing strongly suggests a connection to Mylan's exit strategy.

According to shareholding data from the end of the financial year 2026, Mylan held its 5.64% stake in Biocon. Other major shareholders include promoter Kiran Mazumdar Shaw with approximately 30% and Glentec International holding around 15%. Mutual funds collectively own over 15% of the company's shares.