Biocon subsidiary Biocon Biologics Limited (BBL) and Serum Institute of Life Sciences (SILS), which is a subsidiary of vaccine maker Serum Institute of India, have reached an agreement to withdraw from the original equity structure contemplated under their September 2021 strategic alliance.
As per the new terms of the alliance, SILS would be making an additional $150 million equity investment in BBL through the conversion of a $150 million loan provided to Biocon Pharma Ltd, another subsidiary of Biocon. The investment will be in addition to the $150 million SILS had invested in November 2022 in BBL, thus taking its aggregate equity investment in BBL to $300 million.
Under 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, Biocon said on Tuesday. Biocon shares closed 2.35% higher at ₹230.85 apiece on the BSE.
