Biocon picks 4 bankers for up to Rs 4,500 crore capital raise; may launch deal by January

Incidentally, in June, Biocon had launched a QIP , raising Rs 4,500 crore, to strengthen its balance sheet and invest in innovation.

Kiran Mazumdar-Shaw-led Biocon Ltd has engaged four investment banks as advisors as the leading global bio-pharmaceutical firm prepares for a fresh capital raise of up to Rs 4,500 crore ( $500 mn), multiple industry sources in the know told Moneycontrol.

"Biocon has recently onboarded Kotak Mahindra Capital, Morgan Stanley, JP Morgan and HSBC Securities for its fund raise, which is likely to be via the QIP route," said one of the persons above.

Two other persons confirmed the above syndicate of investment banks.

One of them added," Roadshows will begin shortly and the firm is targeting a deal launch by January 2026."

All three persons above spoke on the condition of anonymity.

When contacted, Biocon Ltd said in an email response - “Biocon's Board has approved a proposal to raise up to Rs 4,500 crore through permissible instruments, including equity or equity-linked securities, via a QIP, rights issue, preferential allotment, or private placement. This will be placed for approval at the EGM on December 31, 2025. The proceeds will be largely used to fund the cash consideration payable to Mylan as part of Biocon Biologics’ integration with Biocon. We are not commenting on the names of the bankers involved in this process.”

Email queries sent to Kotak Mahindra Capital and Morgan Stanley were left unanswered at the time of publishing this article. When contacted, JP Morgan and HSBC Securities declined to comment.

Incidentally, in June, Biocon had launched a QIP, raising Rs 4,500 crore, to strengthen its balance sheet and invest in innovation. Moneycontrol was the first to report the launch timeline and the syndicate of advisors.

"The QIP, which opened on June 16, 2025, and closed on June 19, 2025, witnessed robust investor interest from a diverse group of domestic and international investors, underscoring strong confidence in Biocon’s growth prospects," the drugmaker had said. Biocon has seen a nearly 15 per cent rise in its share price over the last six months.

On December 6, along with the announcement of its integration with Biocon Biologics, valuing the subsidiary at $5.5 bn, Biocon said it will acquire the residual stake held by Mylan Inc. (Viatris) for a total consideration of $ 815 million, of which $ 400 million will be payable in cash and $ 415 million through a share swap of 61.70 Biocon shares for every 100 Biocon Biologics shares at a share price of Rs 405.78 per Biocon share

The firm is constituting a Governance Council chaired by Kiran Mazumdar-Shaw and a Transition and Integration Management Committee, led by Shreehas Tambe, Chief Executive Officer and Managing Director of Biocon Biologics Limited, to ensure a seamless integration, the disclosure added.

"After careful consideration of key parameters such as strategic alignment, sectoral dynamics, shareholder value creation, and other relevant data, a Strategy Committee concluded that full integration of Biocon Biologics Limited with Biocon Limited and making Biocon Biologics Limited a wholly owned subsidiary of Biocon Limited through the acquisition of minority stakes offers the most efficient and value-accretive path forward," the pharma major added.

It acquired the balance stake of three investors in Biocon Biologics, namely Serum Institute, Tata Capital, and Activ Pine.