Mumbai: Biocon issued over 112.66 million equity shares at Rupees 368.35 per share, inclusive of a Rupees 363.35 premium. The proceeds will be used primarily to pay Mylan Inc. (Viatris) for its minority stake in Biocon Biologics, making the unit a wholly owned subsidiary by March 31, 2026. This consolidation marks a key milestone in Biocon’s ambition to lead in biosimilars across diabetes, oncology, and immunology.
Robust institutional demand
The QIP attracted allocations from all 39 participating investors, including major domestic mutual funds and insurance companies such as SBI Mutual Fund, ICICI Prudential, HDFC Life, and global firms like JPMorgan Asset Management. This breadth of participation signals strong institutional confidence in Biocon’s differentiated model and global potential.
Strategic integration in focus
Biocon’s management, through this fundraise, aims to streamline operations and fully integrate Biocon Biologics into the parent company. This integration aligns with the company’s long-term strategy to enhance affordability and global access to high-quality biosimilars. The transaction also facilitates debt repayment linked to earlier convertible debenture acquisitions from Edelweiss.
Momentum building across quarters
This capital raise caps off a year of increasing strategic activity for Biocon. Following shareholder approval on December 31, 2025, the company has ramped up steps to consolidate its biosimilars unit. The QIP comes after a series of quarterly moves positioning Biocon for stronger global play and reduced financial leverage.