Biocon shares: Active Pine may divest up to 1% equity worth Rs 638 crore via block deal

Active Pine is likely to sell up to 1.66 crore shares, representing around 1% equity, in billionaire Kiran Mazumdar-Shaw-led pharmaceutical firm Biocon, through a block deal, according to sources. The offer size is pegged at Rs 638 crore, with the floor price set at Rs 385 per share.

Shares of Biocon settled at Rs 392.55, down 0.24% from the previous close of Rs 393.50 per share on the BSE on Tuesday, September 8. The stock traded in the range of Rs 399.50 to Rs 390.90 during the day. The company commands a market capitalisation of Rs 63,973.64 crore on the BSE.

Biocon signs Pertuzumab partnership in Brazil


Separately, Biocon earlier today announced the signing of a partnership agreement with Bahiafarma and Bionovis for Pertuzumab in Brazil. The partnership marks a milestone in advancing the production and commercialisation of the HER2-positive breast cancer therapy under Brazil’s Productive Development Partnership (PDP) programme.

The consortium of Biocon, Bahiafarma and Bionovis received 100% allocation under Brazil's 10-year PDP programme for Pertuzumab.

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The PDP provides the consortium exclusive access to Brazil’s public healthcare market, which accounts for approximately 70% of the country’s demand for Pertuzumab. It also supports the long-term adoption of Biocon’s product within Brazil’s public oncology network.

Under the Brazil PDP opportunity, Biocon will receive milestone payments and a share of revenues generated over a 10-year period. As part of the PDP framework, the product will undergo phased localisation in Brazil in the mid to long term.

Shreehas Tambe, CEO & Managing Director, Biocon, said the partnership marks a significant milestone in the company’s journey in Brazil, enabling it to reach more patients living with HER2-positive breast cancer and address an important healthcare need at scale.

Ceuci Nunes, CEO, Bahiafarma, said the partnership advances a strategic public health project and paves the way for the incorporation of a highly complex technology, contributing to Brazil’s capacity to produce essential medicines for its Unified Health System (SUS).

About Biocon

Biocon is a biopharmaceutical company driven by its purpose to provide affordable, life-changing medicines to patients worldwide. Headquartered in Bengaluru, India, Biocon addresses some of the world’s most pressing healthcare challenges across chronic and non-communicable diseases by offering both biosimilars and generics at scale across geographies.

This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.