M&A
Serum Institute group firm Covidshield Technologies to merge with Biocon Biologics
Covidshield Technologies Pvt Ltd (CTPL), a wholly-owned subsidiary of Pune-based Serum Institute Life Sciences (SILS), is to be merged into Biocon Biologics Ltd (BBL), a subsidiary of Bengaluru-based, publicly listed Biocon Ltd. SILS promoter Adar Poonawalla will have a board seat in BBL, which will offer a 15% stake to SILS. There is no cash consideration involved in this deal. CTPL, a private company, holds the rights to commercialise SILS vaccines and is in the business of commercialisation of vaccines. BBL is engaged in the business of development, manufacturing, and commercialisation of biosimilars and other biologics. Post deal, BBL will get committed access to 100 million doses per annum of vaccines for 15 years, primarily from SILS's upcoming vaccine facility in Pune with commercialisation rights of the SILS vaccine portfolio, including Covid-19 vaccines for global markets.
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