Motilal Oswal: Buy Biocon, Target Rs 460 Despite QIP Dilution

• Motilal Oswal recommends 'BUY' for Biocon with a target price of INR 460.
• Biocon is acquiring the remaining 23.3% stake in Biocon Biologics (BBL), making it a wholly-owned subsidiary.
• Biocon plans to raise up to INR 45b via QIP for the cash component payable to Viatris, subject to shareholder approval.
• Despite near-term EPS dilution due to equity addition, business prospects are encouraging.
• Growth drivers include product launches (insulin aspart), generics business scale-up, and Syngene's growth.

Why It Matters: This offers an investment recommendation for Biocon shares.