Serum Institute to invest $300 million in Biocon's unit

Serum Institute of Life Sciences (SILS) has announced that it will acquire around 4.9 per cent in Biocon Biologics Limited (BBL), a subsidiary of Biocon Limited, with an additional equity investment of around $150 million, taking the total investment in the company to $300 million.

“As per the new terms of the strategic alliance, Serum Life Sciences would make an additional equity investment of US$150 million through the conversion of the U$150 million loan provided to Biocon Pharma Limited, a Wholly Owned Subsidiary of Biocon Limited, into equity in BBL. 

This investment is in addition to the U$ 150 million that SILS had invested in Biocon Biologics in November 2022, resulting in SILS’s aggregate equity investment in BBL amounting to US$300 million”, Biocon said in a statement.

As per 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.

The new terms will serve the objectives of both the companies, as it provides SILS an aggregated equity investment in BBL amounting to US$300 million and provides BBL additional product offerings for global markets, it further added.

Source: Media reports