Biocon Shares Rise 3% After ₹635 Crore Block Deal; Biosimilars Business Eyes $1 Billion Revenue

Biocon shares moved higher on Wednesday, September 9, after a sizeable block deal saw around 1% of the biotechnology company change hands. The stock gained as much as 3% during the session, while investors also had fresh commentary on the company’s biosimilars business to digest. 

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Around 1.65 crore Biocon shares were traded on the BSE at ₹385 apiece, putting the value of the transaction at more than ₹635 crore. The deal was struck at a discount of roughly 1.9% to the stock’s previous closing price. 

A term sheet obtained by CNBC-TV18 suggested that the seller would be Active Pine, a unit of True North, which had 1.08% holding in Biocon as of June 30. 

The shares rallied as much as 3% before paring some of its gains. As of the mid morning session, the stock was trading 1.2% higher at ₹397. 

The rally in the stock came on a sluggish day for the benchmark indices. At 11:38 am, the Sensex had declined 525.66 points to 75,051.92, while the Nifty 50 was down 119.05 points to 23,516.05. 

In 2026, shares of Biocon were up 2.3%. The company’s market cap was around ₹64,650 crore. 

Biocon Biosimilars Business Closes In On $1 Billion Revenue Milestone 

While moving away from Wednesday’s equity stake deal, there is yet another milestone for the biosimilars business of Biocon to look forward to. 

The company hopes that the business will soon achieve the $1 billion revenue milestone, even though no timeframe has been announced by the company in this regard. 

Insulin and the newer drug aflibercept, among others, are driving the business, and Biocon hopes that its biosimilars business will soon be reporting double-digit revenue growth and margins around the mid-20% level. 

In other words, investors had two events to look forward to on Wednesday – one was the ₹635 crore-plus block deal that involved around 1% of the equity of Biocon, while the second was the revenue milestone for the biosimilars business.