Skip to main content

Advertisement

Advertisement

Business

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

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

FILE PHOTO: A research scientist works inside a laboratory of India's Serum Institute, the world's largest maker of vaccines, which is working on vaccines against the coronavirus disease (COVID-19) in Pune, India, May 18, 2020. REUTERS/Euan Rocha/File Photo

BENGALURU: Biocon Biologics, a unit of drugmaker Biocon Ltd, said late on Thursday it would offer a stake of about 15 per cent 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 US$4.9 billion after deal close, Biocon said.

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 per cent 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 US 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)

Source: Reuters

Advertisement

Also worth reading

Advertisement