UPDATE 1-Mylan to sell up to $363 million stake in India's Biocon, term sheet shows

Viatris, Inc.

Viatris, Inc.

VTRS

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Adds more details from sheet throughout

By Yantoultra Ngui

SINGAPORE, July 13 (Reuters) - Mylan Inc, part of a 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.

  • 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.

($1 = 95.6200 Indian rupees)


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