Biocon Limited has announced that it has received a rating letter dated December 16, 2025, from ICRA Limited. The rating action pertains to the company's Long Term / Short Term Unallocated instruments with a rated amount of ₹450.00 crore. The assigned rating is [ICRA]AA+(Stable) for the long-term rating and [ICRA]A1+ for the short-term rating. A copy of the rating rationale issued by ICRA has been enclosed with the announcement. The information will also be available on Biocon's website. This rating pertains to an ongoing material event where Biocon is acquiring the minority stake of Mylan Inc., Serum Institute Life Sciences, Tata Capital, and Activ Pine in Biocon Biologics Limited (BBL), making BBL its wholly-owned subsidiary. The transaction is valued at approximately $1.17 billion, funded by a mix of share swap and cash payments. The cash payment to Mylan will be made in two stages, with the remaining amount to be funded through a Qualified Institutional Placement (QIP). The proposed QIP will be utilized to repay commercial paper and other debt obligations. ICRA notes that Biocon's ability to maintain adequate liquidity and execute deleveraging plans will be critical for sustaining its credit profile.