Biocon shares ended at ₹395, up 0.62%, following the completion of significant block deal transactions on Wednesday, as reported by Moneycontrol. The stock demonstrated strong investor confidence despite the exit of a major stakeholder, with high trading volumes recorded on the BSE during the session. Activ Pine LLP, an affiliate of private equity firm True North, offloaded more than ₹638 crore worth of shares in the Bengaluru-based biopharmaceutical company through open-market transactions on September 9. The shares were sold at ₹385 per share, representing a discount of around 1.9% to the previous closing price. Activ Pine LLP sold 1.65 crore equity shares, representing a 1.02% stake in Biocon, with the sale made from its total holding of 1.08% or 1.76 crore equity shares as of June 2026.
According to The Economic Times, Biocon has announced the signing of a partnership agreement with Bahiafarma and Bionovis for Pertuzumab in Brazil. This consortium arrangement represents a significant milestone in advancing the production and commercialisation of the HER2-positive breast cancer therapy under Brazil's Productive Development Partnership (PDP) program. As part of the partnership, the product will undergo phased localisation in Brazil in the medium to long term, marking an important step in expanding access to the HER2-positive breast cancer therapy while supporting local production capabilities in Brazil. The agreement marks a crucial milestone in advancing the production and commercialisation of the HER2-positive breast cancer therapy under Brazil's Productive Development Partnership (PDP) programme. Shreehas Tambe, CEO & Managing Director of Biocon, stated that 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.
The block deal attracted 12 global and domestic marquee investors, with ICICI Prudential Mutual Fund emerging as the largest buyer, acquiring additional 74.03 lakh shares for ₹285.02 crore. SBI Mutual Fund followed with 14.23 lakh shares for ₹54.82 crore, while Kotak Mahindra AMC and Aditya Birla Sun Life AMC each bought 12.77 lakh shares for ₹49.16 crore each. Other notable participants included BNP Paribas Arbitrage, Citigroup Global Markets Singapore, WhiteOak Capital MF, ICICI Prudential Life Insurance Company, Bajaj Life Insurance, Societe Generale, Edelweiss Mutual Fund and Norges Bank on behalf of the Government Pension Fund Global, each purchasing 6.5 lakh shares for ₹25.02 crore. Among existing investors, HDFC Life Insurance Company held a 1.01% stake, while ICICI Prudential Mutual Fund, through ISIF Equity Ex-Top 100 Long-Short Fund, held a 1.46% stake and Kotak Mahindra AMC held a 1.29% stake as per the company's June 2026 shareholding pattern.
As reported by The Economic Times, the consortium of Biocon, Bahiafarma and Bionovis received 100% allocation under Brazil's 10-year PDP program for Pertuzumab. This comprehensive allocation provides the partnership with exclusive access to Brazil's public healthcare market, which accounts for approximately 70% of the country's demand for Pertuzumab, supporting long-term adoption 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. The programme supports the long-term adoption of Biocon's product within Brazil's public oncology sector, with the consortium receiving 100% allocation under Brazil's 10-year PDP programme for Pertuzumab. Ceuci Nunes, CEO of 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).
According to CNBC-TV18, Biocon said it is confident that its biosimilars business can soon reach the $1 billion revenue mark, although it has not committed to a specific timeline for achieving the milestone. The company is seeing strong demand for insulin and traction in newer products such as aflibercept, supporting its growth outlook. Biocon expects double-digit revenue growth in its biosimilars business and is targeting margins in the mid-20% range, indicating strong operational efficiency and market positioning. This growth trajectory aligns with the company's strategic focus on expanding its biosimilars portfolio and strengthening its position in the global biopharmaceutical market.
