Mylan to sell up to $363 million stake in India's Biocon, term sheet shows

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AI summary

Mylan is set to sell up to $363 million worth of its stake in Biocon through a block deal, as per the term sheet. The stake sale by the strategic biosimilars partner creates an overhang on Biocon's stock and is likely to lead to short-term price pressure. Mylan currently holds a significant equity stake in Biocon resulting from their biosimilars joint venture arrangement.