The Competition Commission of India (CCI) has approved a proposed deal involving Serum Institute Life Sciences, Covidshield Technologies and Biocon Biologics.
Once the deal is complete, Serum Institute Life Sciences will have about 15 per cent stake in Biocon Biologics, according to the notice filed with the regulator.
Covidshield Technologies, a wholly-owned subsidiary of Serum Institute of Life Sciences, will be merged into Biocon Biologics.
In a tweet yesterday, the watchdog said it has cleared the ”merger by absorption of Covidshield Technologies into Biocon Biologics in consideration for acquisition of approximately 15 per cent equity shareholding of Biocon Biologics by Serum Institute Life Sciences.” CTPL was incorporated to undertake the business of marketing, selling and distributing vaccines, drugs and other pharma products.
Edits by EP News Bureau