New Delhi [India], September 17 (ANI): Hoping to strengthen India's position as a global vaccine and biologics manufacturing powerhouse, COVID-19 vaccine Covishield maker Serum Institute of India (SII) announced a strategic alliance with biopharmaceutical company Biocon Biologics Limited (BBL).
The statement issued by SII on Thursday regarding the above announcement read, "Biocon Biologics Limited (BBL), a subsidiary of Biocon Ltd and Serum Institute Life Sciences Private Limited (SILS), a subsidiary of Serum Institute of India Pvt Ltd today announced a strategic alliance."It further stated that under the terms of the agreement, BBL will offer approximately 15 per cent stake to SILS, at a post-money valuation of 14.9 billion, for which it will get committed access to 100 million doses of vaccines per annum for 15 years, primarily from SILS's upcoming vaccine facility in Pune with commercialization rights of the SILS vaccine portfolio including COVID-19 vaccines) for global markets.
"Pursuant to the terms of the agreement. BBL will generate a committed revenue stream and related margins. commencing HZ FY23. Adar Poonawalla will have a Board seat in Biocon Biologicslimited.
In addition to vaccines, the strategic alliance will also develop antibodies targeting several infectious diseases like Dengue, HIV, etc. The two companies will enter Service Level Agreements for manufacturing and distribution of the vaccines and antibodies, further stated SII's statement.
The statement said that vaccines are a complementary business fit to BBL manufacturing and commercialization partnership in select emerging markets with Boston based Adagio Therapeutic Inc. for ADG20, a novel COVID-19 antibody therapy. These collaborations support Biocon Biologics' intent of straddling on both infectious and non-communicable diseases in its quest to impact global health.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said, "This alliance will complement the strengths and resources of the two leading players in vaccines and biologics. Our shared vision of building large scale businesses having global impact makes it a unique and synergistic value creation opportunity."Adar Poonawalla, CEO, Serum Institute of India, commented, "We look forward to complementing each other's capabilities and capacities in vaccines and biologics, with the objective of addressing inequitable access both in emerging and developed markets forge saving vaccines and biologics?""Biocon Biologies will also establish, at its cost, a vaccine Research and Development (RD) division to support in developing both vaccines and biologics for communicable diseases. Additionally, wherever possible, it will make available its cell culture and sterile fill and finish capacities for vaccine production under the strategic alliance. Both companies believe that this is an alliance that can make a significant impact on global healthcare through vaccines and biologics," read the SII statement. (ANI)