Biocon share down by 9% after stake sale via bulk deals
1 min read . Updated: 17 Mar 2023, 09:47 PM IST
PremiumAHAN-I Ltd sold 189,28,363 equity shares of Biocon at an average price of ₹200.74, as per the NSE bulk deals data
Shares of Biocon ended 9.04 percent lower on Friday, after AHAN - I sold shares in the company through an open market transaction. AHAN-I sold 189,28,363 equity shares of the company at an average price of ₹200.74, as per the NSE bulk deals data. Buyers in the transaction are not immediately known.
Recently, Kotak Special Situations Fund (KSSF) announced an investment of a RS 1,070 crore in Indian biopharmaceutical major, Biocon.
The Bangalore-based pharma company plans to utilise the proceeds for financing its subsidiary Biocon Biologics' acquisition of the biosimilars business of its partner Viatris to create a global vertically integrated biosimilars player.
Biocon reported a net loss of ₹42 crore for the quarter ended December 2022. This is against a profit of ₹187 crore in the year ago period, due to an exceptional item of ₹271 crore owing to Viatris deal-related expenses.
Biocon's revenue from operations climbed 35% to ₹2,941 crore in Q3FY23, compared with ₹2,174 crore a year ago same quarter.
On February 14, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics in Q3 financial report said, "Q3 FY23 has been an eventful quarter which saw the completion of the global acquisition of our partnered Biosimilars business from Viatris on Nov 29, 2022. We are now implementing country-wise integration of the business to maximize the value of the combined entity to propel growth. Biosimilars as a business segment offers differentiated growth to Biocon Biologics based on vertical integration and a unique portfolio of Insulins and antibody-based immunotherapeutics. This quarter captures a fraction of the acquired business, but from Q4FY23 onwards, the financials will recognise the entire Biosimilars business."
The shares of Biocon ended 9.04 per cent lower at ₹201.80 on BSE after hitting a new 52-week low of ₹199.70.
