Biocon Limited’s board on December 6 approved a plan to fully integrate Biocon Biologics Limited (BBL) into the parent company and to raise fresh capital to fund the cash portion of the deal.

The board cleared a package of corporate actions that includes a share-swap acquisition of minority stakes in BBL, a cash payment to Mylan (Viatris), a large preferential share issuance to sellers and approval to raise up to Rs 4,500 crore through eligible routes such as a QIP, subject to shareholder and regulatory approvals. Advertisement

Under the transaction framework approved by the board, Biocon will acquire the remaining shares in BBL held by Serum Institute Life Sciences, Tata Capital Growth Fund II and Activ Pine by issuing shares to those sellers at a swap ratio of 70.28 Biocon shares for

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