As many as 1.65 crore shares or 1% equity of Biocon changed hands at ₹385 per share in block deal window on BSE on Wednesday, September 9. This takes the total transaction value to ₹635 crore.
As per the term sheet accessed by CNBC-TV18, True Nort-owned Active Pine was likely to sell 1% stake in Biocon for ₹640 crore via a block deal. The floor price was set at ₹385 per share.
As of June 30, the total shareholding of Active Pine was 1.08% in Biocon, as per data available on the stock exchanges. With the entire equity having changed hands, Active Pine would have completely exited the stock.
On another note, on Tuesday, Biocon said it is confident its biosimilars business could reach the $1 billion revenue mark soon. The company said it is witnessing strong demand or insulin and traction for newer products such as aflibercept, supporting its growth. However, it did not commit to a specific timeline to achieve the target.
The company’s managing director and CEO Shreehas P Tambe told CNBC-TV18 that the company expects double-digit revenue growth in its biosimilars business to continue, with margins targeted at the mid-20% range and expected to improve further.
Shares of Biocon are now trading 2.6% higher on Wednesday at ₹402.65. The stock has declined 5.5% in the last one month, thereby trimming its year-to-date advance to 3.8%.Also Read: Coforge shares fall 7% after resignation of Chairman Om Prakash Bhatt