NAME: Strategic alliance between Biocon Biologics and Serum Institute Life Sciences

LAW FIRM: Krishnamurthy & Co (K Law), Shardul Amarchand Mangaldas & Co, Veritas Legal


PRACTICE AREA: Corporate and M&A

INDUSTRY SECTORS: Pharmaceutical and life sciences

Biocon’s 15% stake sale of subsidiary Biocon Biologics to the Serum Institute of India for $730 million is our deal of the month for September.

Serum Institute Life Sciences (SILS), a unit of the Serum Institute of India (SII), agreed last month to buy a 15% stake in Biocon Biologics. This strategic alliance allows SILS access to 100 million vaccine doses per year for 15 years and the commercialisation rights of the company’s vaccine portfolio for global markets. The $730 million price tag is based on SII’s post-money valuation of $4.9 billion. SII is one of the world’s largest producers of the Covishield vaccine, the brand for the Oxford-AstraZeneca vaccine.

The two companies also plan to develop antibodies targeting infectious diseases such as dengue and HIV. Biocon Biologics will establish, at its own cost, a vaccine R&D division to support the alliance in developing vaccines and biologics for communicable diseases.

Krishnamurthy & Co (K Law) and Shardul Amarchand Mangaldas & Co represented Biocon Biologics, with K Law advising on the shareholders agreement. Partner Naina Krishna Murthy led the K Law team, while the SAM team comprised partners Iqbal Khan, Ambarish, Shahana Chatterji, Mukul Baveja, Meghna Rajadhyaksha, Ashoo Gupta, Aparna Mehra and Gauri Chhabra.

Veritas Legal acted as SILS’s counsel, with partners Abhijit Joshi and Nandish Vyas leading the team.