Biocon said the proceeds would be primarily used to meet the cash consideration payable to Mylan Inc, now Viatris, for the acquisition of its shareholding in Biocon Biologics Ltd.
This floor price is at a premium to the stock's recent performance. On Monday, shares of Biocon settled 2 per cent lower at Rs 372.05 on the BSE.
In an exchange filing, the company said the approval covers Everolimus Tablets for Oral Suspension in 2 mg, 3 mg and 5 mg strengths.
Separately, Biocon will buy the residual stake held by Mylan Inc. (Viatris) for an aggregate consideration disclosed as USD 815 million, of which USD 400 million will be paid in cash.
Biocon reiterated that the internal review is ongoing. "Accordingly, the Committee constituted as aforesaid is still evaluating the best value creation option," the company said.
JM Financial reiterated its ‘Buy’ rating, citing confidence in the company’s outlook, biosimilar scale-up and deleveraging efforts. It has raised its 12-month target price.
Trump tariff: US exports as percentage of Biocon's sales stands at 46 per cent. Cipla (29 per cent), Dr Reddy's Labs (46 p cent), Lupin (36 per cent) and Sun Pharma (33 per cent), are other pharma exporters to the US.
Biocon shares are up 7 per cent in the past one month, which helped the stock trim its year-to-date loses to 1 per cent.
An analyst from Axis Securities said that Bajaj Housing has formed a higher top and a higher bottom on the daily charts, which confirms a short-term trend reversal.
SMC Global Securities said that Eicher Motors has been trading within a well-defined channel, and a breakout has occurred on the daily chart, indicating a significant shift in its price momentum.
Biocon target price: HSBC's base case target suggests 10 per cent upside over the prevailing stock price. Its bull case target suggests 40 per cent surge while the bear case target hints at 36 per cent downside ahead.
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