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

Mylan Inc, an arm of US healthcare giant Viatris, has initiated a block deal to sell its minority stake in Biocon Ltd for up to $363 million ( ₹3,481 crore, according to a term sheet reviewed byMint. The firm plans to divest 92 million shares, representing 5.64% of the existing equity capital of the Bengaluru-based company. Base price has been determined ₹378.50 per share, a 7.9% discount to Biocon’s NSE closing price on July 13, according to the term sheet.

Bidding opened on July 13 and will close on July 14; trading is scheduled to occur on July 14 and settlement is scheduled for July 15. Jefferies and Citi are acting as joint bookrunners for the transaction.

“We do not comment on market rumors or speculation,” Viatris said in response to Mint’s questions. Biocon did not immediately respond.

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

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

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

Mylan acquired the stake after Biocon completed its acquisition of the company’s stake in Biocon Biologics through share swap and cash consideration in January 2026. As part of the transaction, Mylan received a preferred interest in Biocon shares.

bioconeThe company, headed by Kiran Mazumdar-Shaw, is one of the country’s leading biopharmaceutical companies, with business lines that include biosimilars, generic drugs and research services. Its subsidiary Biocon Biologics merged with the parent company earlier this year, unlocking value and cleaning up the parent company’s balance sheet as it focused on deleveraging.