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Biocon raises Rs.4,150-Cr via QIP

Business Line  

Bengaluru-based Biocon has raised INR 4,150 crore through a Qualified Institutions Placement (QIP). The QIP involved the issuance of 112,664,585 equity shares with a face value of INR 5 each to eligible qualified institutional buyers at an issue price of INR 368.35 per share.The biotech firm plans to use the proceeds to meet the cash consideration payable to Mylan Inc. (Viatris) for buying out its shareholding in Biocon Biologics Ltd and for the repayment of debt associated with this acquisition.The transaction involves acquiring all remaining minority shareholdings, including Viatris's stake, to establish Biocon Biologics as a wholly owned subsidiary. The company expects to complete this integration process by March 31, 2026.