The Mylan Biocon stake sale — one of the largest secondary market block deals in the Indian pharmaceutical sector this year — has concluded with three law firms stepping in to advise the transaction’s joint bookrunners. Mylan Inc., a subsidiary of global healthcare company Viatris, divested its entire holding of up to 5.64% in Biocon Limited through screen-based trading on the BSE and NSE for ₹3,679 crore, marking a complete exit from the company. JSA Advocates & Solicitors, TT&A, and Baker & McKenzie provided legal cover to the two brokers who managed the transaction.
Introduction
Mylan Inc. divested its entire stake of up to 5.64% in Biocon Limited on the screen-based trading platform of the BSE Limited and the National Stock Exchange of India for ₹3,679 crore, making a complete exit. The transaction was a secondary sale, meaning the shares were sold by an existing investor and Biocon did not receive the proceeds.
A total of 9,19,67,019 equity shares, representing a 5.64% stake in Biocon, were offloaded by Mylan Inc. Mylan sold 4,59,83,510 shares on the BSE and 4,59,83,509 shares on the NSE at an average price of ₹400 per share. Citigroup Global Markets India and Jefferies India served as the joint bookrunners for the transaction.
Mylan, a subsidiary of Viatris, held a 5.64% stake in Biocon at the end of FY26. The lock-in period on the shares had expired, allowing the company to monetise its investment through a complete exit. Mylan had acquired the stake after Biocon completed the acquisition of the firm’s stake in Biocon Biologics through a combination of cash and a preferential allotment of Biocon shares, making Mylan a shareholder in Biocon.
Deal Value
Mylan sold shares at an average price of ₹400 apiece across both exchanges, taking the combined transaction value to ₹3,678.68 crore — reported broadly as ₹3,679 crore. The deal was executed through simultaneous block deals on both the BSE and the NSE. Further details on individual pricing tranches were not disclosed.
Legal Teams Involved
Three law firms advised the brokers acting on this transaction. The legal advisory was split across domestic Indian counsel for each bookrunner and international counsel for one of them.
JSA Advocates & Solicitors — advised Jefferies India
JSA Advocates & Solicitors advised Jefferies India, one of the brokers on this stake sale. The transaction was led by Arka Mookerjee (Partner), with support from Pracheta Bhattacharya (Partner) and Arjun Rastogi (Principal Associate).
- Arka Mookerjee — Partner
- Pracheta Bhattacharya — Partner
- Arjun Rastogi — Principal Associate
TT&A — advised Citigroup Global Markets India
TT&A advised Citigroup Global Markets India, the other broker acting on this stake sale. The transaction team consisted of Abhinav Kumar (Partner), Shubham Sancheti (Managing Associate) and Abhishek Iyer (Senior Associate).
- Abhinav Kumar — Partner
- Shubham Sancheti — Managing Associate
- Abhishek Iyer — Senior Associate
Baker & McKenzie — international counsel to Citigroup Global Markets India
Baker & McKenzie served as the international legal counsel to Citigroup Global Markets India. Further details on the Baker & McKenzie team members were not disclosed.
Significance and Impact
This transaction represents a full and clean exit by a major foreign pharmaceutical investor from one of India’s leading biopharmaceutical companies, executed entirely through the public markets without any off-market arrangement. The successful completion of one of the year’s largest block deals in the pharmaceutical sector is likely to remove a longstanding ownership overhang on Biocon’s stock.
The stake sale was executed through multiple block deal transactions on the NSE and BSE, with several domestic and global institutional investors picking up the shares. Buyers included Abakkus Growth Fund, WhiteOak Capital Mutual Fund, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, HDFC Life Insurance Company, Morgan Stanley, Eastspring Investments, Vanguard Emerging Markets Shares Index Fund, and several other institutional investors, reflecting broad participation.
The deal is also notable for the three-firm legal structure deployed on the broker side alone — a dual domestic counsel arrangement supplemented by international legal advice — underscoring the cross-border regulatory complexity inherent in large secondary market exits by foreign shareholders in listed Indian entities. For a broader view of law firm deal activity in India, see the Deal Meter on The Courtroom.
The ₹3,679 crore Mylan Biocon stake sale stands as one of the more significant secondary block transactions in India’s pharmaceutical sector in 2026. JSA Advocates & Solicitors advised Jefferies India, while TT&A and Baker & McKenzie jointly covered Citigroup Global Markets India on domestic and international mandates respectively. The transaction achieved a full exit for Mylan across both Indian stock exchanges through coordinated block deals settled at ₹400 per share.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
