Biosimilar manufacturer Biocon Biologics will receive an additional investment of $150 million from Serum Life Sciences.
The two Indian biopharma giants have announced they will withdraw from the original equity structure concerning their strategic alliance announced in September 2021. The deal saw the Serum Institute of India, via its subsidiary Serum Institute Life Sciences Private Limited, take a 15% stake in Biocon valued at around $4.9 billion.
Biocon had received authorization from the National Company Law Tribunal (NCLT) in Karnataka, India Serum Institute Life Sciences was awaiting approval from the NCLT in Maharashtra, India to close the deal.
Now, Biocon enters a new agreement to gain access to 100 million doses of vaccines annually. Additionally, Biocon will have the distribution rights to Serum’s vaccine portfolio for its global markets.
This investment is in addition to the $150 million that Serum Life Sciences made to Biocon last November, taking the total equity investment to $300 million.
According to both parties, the revised terms will still meet the objectives of Biocon and Serum Institute Life Sciences. It provides Serum Institute Life Sciences with an aggregated equity investment in Biocon equaling to $300 million while Biocon receives additional product offerings for its markets worldwide.