Biocon Biologics to offer 15% stake to Serum Institute Life Sciences at valuation of $4.9 billion
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For offering the 15 per cent stake,
"Pursuant to the terms of the agreement, BBL will generate a committed revenue stream and related margins, commencing H2, FY23.
AdvertisementIn addition to vaccines, the strategic alliance will also develop antibodies targeting several infectious diseases like dengue and HIV.
"This alliance will complement the strengths and resources of the two leading players in vaccines and biologics. Our shared vision of building large scale businesses having global impact makes it a unique and synergistic value creation opportunity," Biocon and Biocon Biologics Executive Chairperson Kiran Mazumdar-Shaw said.
The two companies will enter Service Level Agreements for manufacturing and distribution of the vaccines and antibodies.
"We look forward to complementing each other's capabilities and capacities in vaccines and biologics, with the objective of addressing inequitable access both in emerging and developed markets for life saving vaccines and biologics," Serum Institute of India CEO Adar Poonawalla said.
Biocon Biologics will also establish, at its cost, a vaccine R&D division to support the strategic alliance in developing both vaccines and biologics for communicable diseases.
Additionally, wherever possible, it will make available its cell culture and sterile fill and finish capacities for vaccine production under the strategic alliance, the filing said.
Advertisement"Biocon Biologics would issue shares and receive the contemplated rights through a merger with Covidshield Technologies Pvt. Ltd, a wholly owned subsidiary of SILS, on customary closing conditions and receipt of regulatory approvals," it added.
Shares of Biocon Ltd closed at Rs 376.90 per scrip on BSE, up 5.47 per cent from its previous close.
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