Mylan to sell up to $363 million stake in India's Biocon, term sheet shows (updated)
UPDATE 2-Mylan to sell up to $363 million stake in India's Biocon, term sheet shows Updates with company's response in bullet 4
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.
Biocon did not immediately respond to an emailed request seeking comment.
"We do not comment on market rumors or speculation," Viatris said in response to a Reuters request for comment.
Citigroup Global Markets India and Jefferies India are joint bookrunners and brokers for the deal.
($1 = 95.6200 Indian rupees)
(Reporting by Yantoultra Ngui
Editing by Tomasz Janowski)
((Yantoultra.Ngui@thomsonreuters.com;))
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