Biocon Shares Jump to 52-Week High After ₹3,680 Cr Block Deal

Biocon Ltd. shares climbed to a 52-week high on Tuesday after equity worth around ₹3,680 crore changed hands in a large block deal during the pre-open trading session, with reports indicating that promoter group entity Mylan likely exited its remaining stake in the company.

The stock rose as much as 8% during the session to touch a one-year high of ₹444.50 on the National Stock Exchange (NSE), before coming down to ₹442.55, up about 7.7%.

The move marked the stock's biggest single-day gain since January 2025 and extended its gains to around 14% so far this year.

Approximately 9.2 crore shares, equivalent to 5.64% of Biocon's outstanding equity, changed hands in the block deal at an average price of ₹400 per share, as per a report by CNBC-TV18. The identities of the buyers and sellers have not been officially disclosed.

The broadcaster had reported on Friday that Mylan planned to sell its entire 5.64% holding in Biocon through a block deal, with the floor price fixed at ₹378.5 per share, an 8% discount to Monday's closing price.

Mylan, part of global healthcare company Viatris, offloaded the shares in a secondary transaction, meaning the proceeds will go to the existing shareholder and not to Biocon, as per Reuters.

Mylan Stake Originated From Biocon Biologics

Mylan received nearly a 6% stake in Biocon earlier this year as part of the Biocon Biologics transaction, under which Biocon acquired Mylan's stake in the biologics business through a combination of a share swap and cash consideration. The shares were issued to Mylan via a preferential allotment, as per CNBC-TV18.

Shareholding data for the quarter ended March showed Biocon's promoters held a 44.68% stake in the company. Mutual funds owned 15.49%, while foreign portfolio investors held 8.16%. Retail investors collectively accounted for over 10% of the company's shareholding.

Separately, Biocon recently announced that its Malaysian subsidiary will supply multiple insulin products to Duopharma Biotech Berhad under contracts awarded by Malaysia's Ministry of Health.

According to the company's June 24 statement, the agreements include a three-year human insulin contract worth about MYR 155.27 million and two two-year contracts valued at around MYR 18 million for insulin glargine and MYR 52.5 million for insulin aspart.