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Serum Life Sciences to invest $150-M more in Biocon Biologics

Business Line  

Serum Institute of Life Sciences will invest an additional USD 150 million in Biocon Biologics Ltd (BBL). The two firms have decided to restructure the deal which was inked in 2021. Including the latest capital infusion, Serum's total investment in BBL will touch USD 300 million. Serum Life Sciences, a part of Serum Institute of India, would make the investment through the conversion of the USD 150 million loan provided to Biocon Pharma Ltd, a wholly-owned subsidiary of publicly listed Biocon Ltd, into equity in BBL. This is in addition to the USD 150 million that Serum Institute of Life Sciences had invested in BBL in November 2022. As per the new arrangement, BBL will have access to 100 million doses of vaccines annually together with the distribution rights to Serum's Vaccine portfolio, which will add to BBL's product portfolio for global markets.