Biocon shares up 2.6% after Active Pine ₹635cr block deal
Business
Biocon's stock climbed 2.6% to ₹402.65 on Wednesday after a huge block deal on the BSE, where 1.65 crore shares (about 1% of the company) changed hands at ₹385 each, totaling ₹635 crore.
This move marks True Nort-owned Active Pine's exit from Biocon, as Active Pine was likely to sell 1% stake in Biocon for ₹640 crore via a block deal.
Biocon sees $1bn biosimilars revenue
On the business front, Biocon shared that its biosimilars segment is set for solid growth, expecting $1 billion in revenue thanks to high insulin demand and new products like aflibercept.
managing director and CEO Shreehas P Tambe sounded optimistic about double-digit revenue growth and profit margins in the mid-20% range.
Even with a recent dip, Biocon's stock is up 3.8% so far this year.