Mylan Inc, part of global healthcare company Viatris VTRS.O, plans to sell up to 92 million shares in Indian drugmaker Biocon Ltd BION.NS, worth up to 34.81 billion Indian rupees ($363 million), according to a term sheet seen by Reuters.
- The sale represents up to 5.64% of Biocon's outstanding shares. It is a secondary sale, meaning the shares are being sold by an existing investor and Biocon will not receive the proceeds.
- The offer floor price is 378.50 rupees per share, a 7.9% discount to Biocon's last close of 410.95 rupees on Monday.
- Biocon did not immediately respond to an emailed request seeking comment.
- "We do not comment on market rumors or speculation," Viatris said in response to a Reuters request for comment.
- Citigroup Global Markets India and Jefferies India are joint bookrunners and brokers for the deal.
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