Mylan exits Biocon with Rs 3,679 crore block deal; ICICI Prudential MF emerges largest buyer

U.S.-based Mylan Inc. exited Biocon by selling its entire 5.64% stake through block deals worth approximately Rs 3,679 crore on Tuesday, ending a 17-year association with the company.

Mylan sold around 9.19 crore shares, representing its entire 5.64% stake, at Rs 400 per share across the BSE and NSE.

The block deal witnessed strong participation from domestic and foreign institutional investors. ICICI Prudential Mutual Fund emerged as the largest buyer, acquiring 3.69 crore shares (2.26% stake). HDFC Mutual Fund and Kotak Mahindra Mutual Fund each purchased 1.16 crore shares (0.71% stake), while SBI Mutual Fund acquired 50 lakh shares (0.31% stake). ICICI Prudential Life Insurance bought 25 lakh shares (0.15% stake). Aditya Birla Sun Life Mutual Fund, Franklin Templeton Mutual Fund and Mirae Asset Mutual Fund acquired 18.75 lakh shares (0.12% stake) each, while Tata Mutual Fund purchased 6.26 lakh shares (0.04% stake). Other investors, including Axis Mutual Fund, UTI Mutual Fund, Mahindra Mutual Fund, IDFC Mutual Fund, HDFC Life Insurance, Bajaj Life Insurance, Norges Bank, Goldman Sachs Bank Europe, Morgan Stanley Asia Singapore, Societe Generale, Vanguard Emerging Markets Shares Index Fund, WhiteOak Capital Mutual Fund, Authum Investment & Infrastructure, Abakkus Growth Fund, Canara Robeco Mutual Fund and Eastspring Investments Asian Low Volatility Equity Fund, each acquired 6.26 lakh shares (0.04% stake). Citigroup Global Markets Singapore and BNP Paribas Arbitrage purchased 7.50 lakh shares (0.05% stake) each.

Mylan's relationship with Biocon began in 2009, when the companies entered into a global collaboration to develop and commercialise biosimilars. The partnership later expanded to generic insulin analogues. Mylan became a shareholder in Biocon in January 2026 after the company issued shares as part of the acquisition of Viatris' stake in Biocon Biologics. The latest transaction marks Mylan's complete exit from Biocon.

As of 30 June 2026, Biocon's promoters held a 44.67% stake in the company, while Mylan owned 5.64%.

Biocon is a global biopharmaceutical company focused on developing affordable therapies for chronic diseases, including diabetes, cancer and autoimmune disorders.

On a consolidated basis, the company's net profit declined 63.4% YoY to Rs 126 crore in Q4 FY26 from Rs 344 crore in Q4 FY25. Revenue from operations increased 2.26% YoY to Rs 4,517 crore during the quarter.

Shares of Biocon were down 0.70% at Rs 434.25 on the NSE.

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