Biocon hit a 52-week high, rising over 8% after reports that Mylan exited via a block deal.
Mylan reportedly sold 9.2 crore shares at a floor price of ₹378.50, an 8% discount to the previous close.
Recent Malaysia insulin supply contracts and steady revenue growth also supported investor sentiment.
Shares of Biocon surged more than 8% to a 52-week high on Tuesday after reports said promoter-group entity Mylan exited the company through a block deal, prompting strong buying interest despite the transaction being priced at a discount to the previous closing price.
The stock rose as much as 8.04% to ₹444 on the NSE before trading at ₹441.20, up 7.36%, around 11:12 a.m. It had touched a 52-week low of ₹331 on August 11, 2025.
4 July 2026
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The rally extended the stock's recent gains. Biocon has risen around 7% over the past week, 4% in the last month and more than 12% so far in 2026.
Mylan Reportedly Exits Through Block Deal
According to multiple media reports citing NSE data, Biocon shares changed hands in a block deal during the pre-open session at an average price of around ₹400 per share, representing 2.82% of the company's equity.
Reuters reported that Mylan, part of global healthcare company Viatris, sold 9.2 crore shares in Biocon at a floor price of ₹378.50 per share, an 8% discount to the previous closing price.
The transaction was a secondary sale, meaning the proceeds will go to the selling shareholder and not to Biocon.
Malaysia Insulin Contracts
Separately, Biocon had announced on June 24 that its long-standing partner, Duopharma Biotech Berhad, secured multiple insulin supply contracts from Malaysia's Ministry of Health.
Under the agreements, Biocon's Malaysian subsidiary will supply recombinant human insulin, insulin glargine and insulin aspart to Duopharma for distribution across the country.
The contracts include a three-year agreement worth approximately MYR 155.27 million for human insulin and two separate two-year agreements worth around MYR 18 million for insulin glargine and MYR 52.5 million for insulin aspart.
The company said the agreements align with Malaysia's healthcare and industrial policies aimed at ensuring a reliable supply of affordable insulin therapies.
Biocon reported a 57% year-on-year decline in consolidated net profit to ₹199 crore in the fourth quarter of FY26, primarily due to exceptional expenses of ₹80.4 crore, including the impact of the new labour code.
Revenue from operations, however, rose to ₹4,516.6 crore during the quarter from ₹4,417 crore a year earlier.
