Mylan launches block deal to sell stake in Biocon for up to $363-M

Mylan, a unit of Viatris, has launched a block deal to sell a minority stake in Bengaluru-based, publicly listed biotech firm Biocon for up to USD 363 million (INR 3,481 crore). The firm plans to offload 92 million shares, representing 5.64% of the company's equity, at a floor price of INR 378.50 per share. Jefferies and Citi are acting as the joint bookrunners for the transaction.The stake sale follows a series of corporate restructuring activities, including Biocon’s acquisition of Viatris’s holding in Biocon Biologics earlier this year to simplify the parent company’s balance sheet and focus on deleveraging.