Biocon shares rise 3% after stake sale in Rs 635-cr block deal; company eyes $1 billion biosimilars…

New business data points to the fact that Biocon shares rose as much as 3 percent on Wednesday after a large block deal involving around 1 percent of the biotechnology firm’s equity. Market participants additionally tracked management commentary that its biosimilars business could soon reach $1 billion in topline.

The Biocon stock was up 1.2 percent at Rs 397 in late-morning trade, after gaining as much as 3 percent intraday. The shares have risen around 2.3 percent so far in 2026, outperforming the Nifty 50, which has fallen around 10 percent over the same period. Biocon’s market capitalisation stood at around Rs 64,650 crore.

The upside came despite softness in the broader market. At 11:38 am, the Sensex was down 525.66 points, or 0.70 percent, at 75,051.92, while the Nifty 50 declined 119.05 points, or 0.50 percent, to 23,516.05.

Share Markets Live Updates | Sensex, Nifty, GIFT Nifty Today

As many as 1.65 crore shares of Biocon, representing around 1 percent of the firm’s equity, changed hands in a block deal on the BSE earlier in the session. The shares were traded at Rs 385 apiece, taking the transaction value to more than Rs 635 crore. The block deal price was at a discount of around 1.9 percent to the previous closing price.

According to a term sheet accessed by CNBC-TV18, True North-owned Active Pine was likely to sell a 1 percent stake in Biocon through the block deal, with the floor price set at Rs 385 per share. Active Pine held a 1.08 percent stake in Biocon as of June 30, according to stock exchange data.

Separately, Biocon stated it is confident that its biosimilars business can soon reach the $1 billion topline mark, although it has not committed to a specific timeline for achieving the milestone.

The firm is seeing firm demand for insulin and traction in newer products such as aflibercept, supporting its expansion outlook. Biocon anticipates double-digit topline expansion in its biosimilars business and is targeting margins in the mid-20 percent range.