Salem Radio Network News Monday, October 25, 2021

Business

Biocon Biologics to offer 15% stake to Serum Institute unit for access to vaccines

BENGALURU (Reuters) – Biocon Biologics, a unit of drugmaker Biocon Ltd, said late on Thursday it would offer a stake of about 15% to Serum Institute Life Sciences for access to 100 million doses of vaccines annually for 15 years, including COVID-19 shots.

The deal with the unit of Serum Institute of India (SII), the world’s largest vaccine maker, will value Biocon Biologics at about $4.9 billion after deal close, Biocon said https://bit.ly/3keBMCq.

As part of the deal, Biocon Biologics and Serum Institute Life Sciences will make and distribute vaccines and antibodies. SII Chief Executive Officer Adar Poonawalla will also get a seat on the board of Biocon Biologics.

Biocon Ltd’s shares rose as much as 4.6% to 394.15 rupees on Friday.

Serum Institute did not provide any additional details on the deal when contacted by Reuters, while Biocon did not immediately respond to a request for comment. Both the companies are scheduled to hold a press briefing later in the day.

Biocon Biologics partnered with U.S. based Adagio Therapeutics in July to make and commercialise COVID-19 antibody treatments for India and some emerging markets.

(Reporting by Rama Venkat in Bengaluru; Editing by Shounak Dasgupta)

Previous
Next

Editorial Cartoons

View More »

Steve Breen
Thu, Oct 21, 2021

X CLOSE