Biocon Jumps 7% as Mylan Stake Sale Clears via Block Deal

Biocon shares surged as much as 7.67% on Tuesday, 14 July, touching a fresh 52-week high of Rs 444.50 on the NSE.

The rally followed a large block deal that cleared in the pre-open session, lifting a stock overhang that had been weighing on the counter.

Around 9.2 crore shares, amounting to 5.64% of Biocon’s total equity, changed hands in the block window at an average price of Rs 400 apiece. That works out to a deal size of roughly Rs 3,680 crore. Buyers and sellers in the transaction have not been officially confirmed.

Reports point to Mylan, part of Viatris, as the seller, offloading its entire 5.64% holding in Biocon. The floor price for the deal was set at Rs 378.50 a share, an 8% discount to Monday’s closing price.

The stake traces back to the Biocon Biologics deal earlier this year. In January, Biocon acquired all of Mylan’s stake in its Biologics arm through a share swap and cash, and Mylan received a 6% stake in Biocon via preferential allotment as part of that transaction.

As of the March quarter, promoters held a 44.68% stake in Biocon. Mutual funds owned 15.49%, foreign portfolio investors held 8.16%, and retail investors accounted for the remaining shareholding.

Coming to the price action, shares were trading at Rs 441.90 on the NSE at 12:17 pm, up 7.53% from the previous close of Rs 410.95. It’s the stock’s biggest single-day gain since January 2025, and Biocon is now up 14.12% for the year so far.

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