Biocon raises ₹4,150 crore via QIP issue on strong investor demand

Biotech firm Biocon on Thursday said it has raised Rs 4,150 crore through a Qualified Institutions Placement (QIP) process.

The initiative saw issuance of 1,12,664,585 equity shares of face value Rs 5 each to eligible qualified institutional buyers at the issue price of Rs 368.35 per share, the Bengaluru-based firm said in a regulatory filing.

The QIP, which opened on January 12 and closed on January 14, attracted strong investor interest from a broad mix of domestic and international participants, reflecting robust confidence in the company's growth prospects, it added.

The proceeds from the QIP will be primarily utilised to meet the cash consideration payable to Mylan Inc. (Viatris) for buying out its shareholding in Biocon Biologics Ltd, including repayment of debt availed in this regard, Biocon said.

 

The company recently announced its board has approved a strategic corporate action to acquire all remaining minority shareholdings, including Viatris' stake, thereby making Biocon Biologics a wholly owned subsidiary.

The integration marks a pivotal step in Biocon's journey to lead in the therapeutic areas of diabetes, oncology, and immunology through a differentiated portfolio of biosimilars, insulins, generics and peptides (GLP-1s), it stated.

The integration process is expected to be completed no later than March 31, 2026, it added.

Biocon shares were trading 0.46 per cent up at Rs 379.05 apiece on BSE.