Biocon Biologics Limited (BBL) will offer approximately 15% stake to Serum Institute Life Sciences Private Limited (SILS) at a post-money valuation of $4.9 billion in exchange for committed access to 100 million doses of vaccines per annum for 15 years, primarily from SILS’s upcoming vaccine facility in Pune with commercialisation rights of the SILS vaccine portfolio, including COVID-19 vaccines, for global markets.
Biocon Biologics Limited (BBL) is a subsidiary of Biocon Ltd. and Serum Institute Life Sciences Private Limited (SILS) is a subsidiary of Serum Institute of India.
Pursuant to the terms of the agreement, BBL would generate a committed revenue stream and related margins, commencing H2 of FY23.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon & Biocon Biologics, said, “This alliance will complement the strengths and resources of the two leading players in vaccines and biologics.''
Adar Poonawalla, CEO, Serum Institute of India, said, “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.”
Mr. Poonawalla will get a seat on the board of Biocon Biologics Limited.
In addition to vaccines, the strategic alliance would develop antibodies targeting several infectious diseases like dengue and HIV.