Serum Institute of India and Biocon Biologics, 2 Biopharma Companies, Agree to Restructure Equity Investment. The initial equity structure that was planned for under the terms of the strategic alliance announced in September 2021 will no longer be used, according to an agreement struck by Biocon Biologics Limited (BBL) and Serum Institute of Life Sciences (SILS). While SILS was awaiting approval from the NCLT in Maharashtra to finalize the merger, BBL had already got approval from the National Company Law Tribunal (NCLT) in Karnataka. As a result, SILS would have acquired shares in BBL.
In accordance with the revised terms of the strategic alliance, Serum Life Sciences would convert the U$150 million loan it had previously given to Biocon Pharma Limited, a fully owned subsidiary of Biocon Limited, into stock in BBL. This investment brings SILS’s total equity investment in BBL to US$300 million, which includes the US$150 million it invested in Biocon Biologics in November 2022.
According to the new agreement, BBL will have access to 100 million doses of vaccinations each year along with distribution rights to Serum’s vaccine portfolio, expanding BBL’s product lineup for international markets. The new arrangements will advance the goals of both businesses since they give SILS a combined $300 million equity investment in BBL and give BBL more product options for international markets.
More About Biocon Biologics
Biocon Biologics is a subsidiary of the Indian biopharmaceutical company Biocon Limited. It is focused on developing high-quality, affordable biosimilars for patients worldwide, including those suffering from chronic diseases such as cancer, autoimmune disorders, and diabetes.
Biocon Biologics was founded in 2018 and has since become a leading global player in the biosimilars market, with a portfolio of 28 molecules covering a wide range of therapeutic areas. The company has a strong research and development pipeline and has invested heavily in building state-of-the-art manufacturing facilities to ensure the highest standards of quality and compliance.
Biocon Biologics is committed to making a positive impact on global healthcare by making life-saving biologics more accessible and affordable to patients around the world.
More About Serum Institute of India
Serum Institute of India is a privately held company founded in 1966 and headquartered in Pune, India. It is owned and operated by the Poonawalla family. The company is primarily known for producing vaccines, including those for polio, measles, and influenza, and is a major supplier of vaccines to the World Health Organization (WHO).
Serum Institute of India is also one of the key manufacturers of the Oxford-AstraZeneca COVID-19 vaccine, which is also known as Covishield. The company has played a critical role in the global fight against the COVID-19 pandemic, producing millions of vaccine doses for distribution around the world.
Serum Institute of India has a strong commitment to social responsibility and has established the Serum Institute of India Foundation, which supports a wide range of initiatives in healthcare, education, and other areas.
More About Serum & Biocon Biologics Restructure Equity Investment
In April 2021, Serum Institute of India and Biocon Biologics announced a restructuring of their partnership. As part of the deal, Serum Institute of India would acquire a 26% stake in Biocon Biologics for $200 million. In exchange, Biocon Biologics would transfer some of its biosimilar assets to Serum Institute of India.
The goal of the partnership is to create a leading global platform in the biosimilars space. The two companies will collaborate on research and development, manufacturing, and commercialization of biosimilars, with the aim of bringing high-quality, affordable biologics to patients around the world.
This deal marks a significant step forward for both companies, as they seek to expand their presence in the global biopharmaceutical market. It also underscores the growing importance of biosimilars as a key driver of innovation and growth in the healthcare industry.
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