New Delhi, July 13 -- Mylan Inc, an arm of US healthcare major Viatris, has launched a block deal to sell its minority stake in Biocon Ltd of up to $363 million ( Rs.34.81 billion), according to a term sheet reviewed byMint. The firm is planning to offload 92 million equity shares in the Bengaluru-headquartered company, representing 5.64% of the company's existing equity. The floor price has been set at Rs.378.50 per share.

The offer opened on 13 July and will close on 14 July, with the trade expected to take place on 14 July and settlement scheduled for 15 July. Jefferies and Citi are acting as joint bookrunners for the transaction.

Mylan's current stake in Biocon traces back to Biocon Biologics' $3.3 billion acquisition of Viatris's g...