Mylan Inc, part of a global healthcare company Viatris, plans to sell up to 92 million shares in Indian drugmaker Biocon Ltd, 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.
• Neiter Mylan nor Biocon immediately responded to emailed requests seeking comment.
• Citigroup Global Markets India and Jefferies India are joint bookrunners and brokers for the deal.
Source: Economic Times