Serum Institute co to get 15% in Biocon Biologics

© Provided by The Times of India

Mumbai: Biocon Biologics (BBL), a subsidiary of Biocon, and Serum Institute Life Sciences (SILS), a subsidiary of Serum Institute of India, have announced a strategic tieup.

Under the terms of the agreement, BBL will offer approximately 15% stake to SILS at a post-money valuation of $4.9 billion, for which it will get committed access to a 100 million doses of vaccines per annum for 15 years, primarily from Serum’s upcoming vaccine facility in Pune with commercialisation rights of the SILS vaccine portfolio (including Covid vaccines) for global markets.

The board of Biocon Biologics approved the merger of Covidshield Technologies (CTLP) — a wholly owned subsidiary of SILS — into BBL. Pursuant to the terms of the agreement, BBL will generate a committed revenue stream and related margins, commencing H2FY23. Serum Institute’s promoter Adar Poonawalla will have a board seat in Biocon Biologics. In addition to vaccines, the alliance will also develop antibodies targeting several infectious diseases like Dengue & HIV. The two companies will enter Service Level Agreements (SLAs) for manufacturing and distribution of the vaccines and antibodies.

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