The Competition Commission of India (CCI) on Thursday approved merger by absorption of Covidshield Technologies into Biocon Biologics in consideration for acquisition of approximately 15 per cent equity shareholding of Biocon Biologics by Serum Institute Life Sciences.
The company stated that there is no cash consideration involved but BBL will issue and allot 15 per cent equity shares to Serum on a fully diluted basis, subject to necessary approvals and sanctions.
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Bengaluru (Karnataka) [India], September 17 (ANI): Biocon Biologics Limited (BBL), a subsidiary of Biocon Ltd. and Serum Institute Life Sciences Private Limited (SILS) announced a strategic alliance on Thursday and BBL said it will offer around 15 per cent stake to SILS at a post-money valuation of about USD 4.9 billion.
The alliance will also develop antibodies in order to target diseases such as dengue, HIV etc. Both companies will enter Service Level Agreements (SLAs) for manufacturing and distribution of these vaccines and antibodies