Representative Image (AFP)
The Board of Directors of Biocon Biologics Limited (BBL), a material subsidiary of Biocon Limited, on September 16 approved the merger of Covidshield Technologies Private Limited (CTLP) — a wholly-owned subsidiary of Serum Institute Life Sciences Private Limited (SILS) — into BBL.
Under the alliance, BBL will have access to 100 million doses of vaccines annually for 15 years and commercialisation rights of the SILS vaccine portfolio for global markets, BBL said in a regulatory filing. This will take place primarily from SILS’s upcoming vaccine facility in Pune with commercialisation rights of the SILS vaccine portfolio — including COVID-19 vaccines — for global markets.
SILS, according to the agreement, to receive approximately 15 percent stake in BBL at a post-money valuation of about $4.9 billion.
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