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Biocon Limited ( (IN:BIOCON) ) has issued an update.
Biocon Limited has significantly increased its stake in its unlisted material subsidiary, Biocon Biologics Limited (BBL), through a combination of a large share swap and a partial cash acquisition, consolidating its control to about 94% of BBL’s fully diluted equity capital. In a preferential issue approved by shareholders and stock exchanges, Biocon allotted 171.28 million new equity shares at Rs 405.78 each to existing investors Mylan Inc., Serum Institute Life Sciences, Tata Capital Growth Fund II and Activ Pine LLP as consideration for 261.92 million BBL shares, raising their combined holding in Biocon to 11.36% and expanding Biocon’s paid-up equity capital from Rs 6,684.8 million to Rs 7,541.2 million. Separately, Biocon also completed a cash acquisition of 71.83 million additional BBL shares from Mylan for USD 200 million as part of a larger USD 400 million deal approved earlier, underscoring a strategic move to tighten control over its biologics arm and potentially streamline future value creation and monetisation options for stakeholders.
More about Biocon Limited
Biocon Limited is an India-based biopharmaceutical company headquartered in Bengaluru, operating in the pharmaceuticals and biologics industry. Through its subsidiary Biocon Biologics Limited, it focuses on biologic medicines and biosimilars, with a strong presence in global regulated markets and partnerships with multinational pharmaceutical and life sciences investors.
Average Trading Volume: 155,508
Technical Sentiment Signal: Strong Buy
Current Market Cap: 524.8B INR
Learn more about BIOCON stock on TipRanks’ Stock Analysis page.