Biocon block deal today: Mylan may sell Rs 3,481 crore worth of shares in pharma major
According to Business Today sources, the floor price has been set at Rs 378.50 per share, a 7.9 per cent discount to Biocon's Monday closing price of Rs 410.95 apiece.
- Jul 14, 2026,
- Updated Jul 14, 2026 8:33 AM IST
Biocon Ltd shares are in focus on Tuesday as existing shareholder Mylan Inc plans to exit the pharma major by selling its entire stake through a block deal worth up to Rs 3,481 crore or $363 million at an exchange rate of 95.83 per dollar. According to Business Today sources, the floor price has been set at Rs 378.50 per share, a 7.9 per cent discount to Biocon's Monday closing price of Rs 410.95 apiece. Citigroup Global Markets India and Jefferies India are the joint bookrunners for the transaction. A total of up to 9.2 crore shares, representing a 5.64 per cent stake in Biocon, are expected to be sold through the block deal.
Mylan Inc, a part of Viatris, held 9,19,67,019 shares or 5.64 per cent stake in Biocon at the end of June quarter.
The stake sale comes ahead of Biocon's Q1 results. Kotak Institutional Equities expects the pharma major to report 20 per cent year-on-year (YoY) and 7 per cent quarter-on-quarter (QoQ) growth in core biosimilars sales, led by market share gains across key products, including the ramp-up of bStelara in the US, aided by Denosumab launch.
"We bake in a 4 per cent YoY decline for Syngene. In the generics segment, we bake in 22 per cent YoY growth (flat QoQ) in 1QFY27, led by continued benefits from Liraglutide launch in the UK and EU markets. On an overall basis, we build in 15 per cent YoY topline growth to Rs 4520 crore," Kotak said.
The brokerage is building in 360 basis points YoY decline in gross margins to 68 per cent, down 100 bps QoQ,. It expects Biocon's Ebitda to grow 28 per cent YoY to Rs 960 crore for the quarter. We build in 220 bps YoY expansion in Ebitda margin to 21.2 per cent (down 140 bps QoQ)," it said.
In its earnings preview, Axis Securities assumed 15 per cent YoY growth in the Research segment and 6 per cent growth in Generics segment due to some approval Americas. The focus would be on improving margins rather than sales, it said.
"Biosimilars are projected to deliver 10 per cent YoY growth, supported by new launches such as Insulin Aspart, Yesafili, Denosumab biosimilars, and Liraglutide in the UK. In Malaysia, the Drug Product (DP) Line 2 is currently being qualified and will become operational soon, while the Drug Substance (DS) capacity doubling is expected to conclude toward FY27 end," the brokerage noted.
Biocon Ltd shares are in focus on Tuesday as existing shareholder Mylan Inc plans to exit the pharma major by selling its entire stake through a block deal worth up to Rs 3,481 crore or $363 million at an exchange rate of 95.83 per dollar. According to Business Today sources, the floor price has been set at Rs 378.50 per share, a 7.9 per cent discount to Biocon's Monday closing price of Rs 410.95 apiece. Citigroup Global Markets India and Jefferies India are the joint bookrunners for the transaction. A total of up to 9.2 crore shares, representing a 5.64 per cent stake in Biocon, are expected to be sold through the block deal.
Mylan Inc, a part of Viatris, held 9,19,67,019 shares or 5.64 per cent stake in Biocon at the end of June quarter.
The stake sale comes ahead of Biocon's Q1 results. Kotak Institutional Equities expects the pharma major to report 20 per cent year-on-year (YoY) and 7 per cent quarter-on-quarter (QoQ) growth in core biosimilars sales, led by market share gains across key products, including the ramp-up of bStelara in the US, aided by Denosumab launch.
"We bake in a 4 per cent YoY decline for Syngene. In the generics segment, we bake in 22 per cent YoY growth (flat QoQ) in 1QFY27, led by continued benefits from Liraglutide launch in the UK and EU markets. On an overall basis, we build in 15 per cent YoY topline growth to Rs 4520 crore," Kotak said.
The brokerage is building in 360 basis points YoY decline in gross margins to 68 per cent, down 100 bps QoQ,. It expects Biocon's Ebitda to grow 28 per cent YoY to Rs 960 crore for the quarter. We build in 220 bps YoY expansion in Ebitda margin to 21.2 per cent (down 140 bps QoQ)," it said.
In its earnings preview, Axis Securities assumed 15 per cent YoY growth in the Research segment and 6 per cent growth in Generics segment due to some approval Americas. The focus would be on improving margins rather than sales, it said.
"Biosimilars are projected to deliver 10 per cent YoY growth, supported by new launches such as Insulin Aspart, Yesafili, Denosumab biosimilars, and Liraglutide in the UK. In Malaysia, the Drug Product (DP) Line 2 is currently being qualified and will become operational soon, while the Drug Substance (DS) capacity doubling is expected to conclude toward FY27 end," the brokerage noted.