Serum Institute
CCI approves merger of Serum Institute subsidiaries Biocon Biologics and CTPL
New Delhi: The Competition Commission of India (CCI) has approved the merger by absorption of Covidshield Technologies into Biocon Biologics in consideration for the acquisition of approximately 15 percent equity shareholding of Biocon Biologics by Serum Institute Life Sciences.
The Proposed Combination involves a merger by absorption of Covidshield Technologies Private Limited (CTPL), a wholly-owned subsidiary of the Serum Institute Life Sciences Private Limited (Acquirer) into the Biocon Biologics Limited (Target) pursuant to a scheme of the merger in consideration of which the Acquirer will acquire approximately 15 percent equity shareholding on a fully diluted basis in the Target, CCI said in a statement on Thursday.
The acquirer is a subsidiary of Serum Institute of India Private Limited and was established as a company for further development and commercialization of vaccines and therapies against COVID-19, the anti-trust watchdog stated.
It also had plans to further develop vaccines against other infectious diseases.
At present, the acquirer is in the process of setting up its own manufacturing facility.
CTPL is a wholly-owned subsidiary of the acquirer, which shall be merged into the Target pursuant to the Proposed Transaction.
It was incorporated to undertake the business of marketing, selling, and distributing vaccines, drugs and other pharmaceutical products.
The Target is a subsidiary of Biocon Limited, and it offers treatment for chronic and acute diseases such as diabetes, oncology, nephrology, cancer, and autoimmune diseases.
The Target also has research and development centres in Bengaluru and Chennai.
It has manufacturing facilities in Bengaluru and Malaysia for monoclonal antibodies, recombinant proteins and insulins.
Detailed order of the CCI will follow.
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