Serum Institute of Life Sciences to double investment in Biocon unit to Rs 2457 crore
Under new terms of the alliance, it would pump in USD 150 million after converting a loan to Biocon Pharma Ltd into equity in Biocon Biologics Ltd, the company said.
New Delhi: The Serum Institute of Life Sciences will double its investment in one of Biocon Ltd 's units, giving it access to 100 million doses of vaccines annually along with the distribution rights to Serum's vaccine portfolio, the Indian biopharma firm said on Tuesday.
Serum Institute of Life Sciences is a unit of Serum Institute of India, the world's biggest vaccine maker.
Under new terms of the alliance, it would pump in $150 million after converting a loan to Biocon Pharma Ltd into equity in Biocon Biologics Ltd, the company said.
The investment is in addition to the $150 million that Serum Institute of Life Sciences invested in Biocon Biologics in November, the company said.
Biocon had signed an agreement in September 2021 to offer about 15 per cent stake in Biocon Biologics to Serum Institute of Life Sciences.
Read also: Serum Institute has produced five to six million Covovax doses: Adar Poonawalla
Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.
NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.