Shardul Amarchand Mangaldas & Co. advised Biocon Biologics Limited 15% stake to Serum Institute
Shardul Amarchand Mangaldas & Co. advised Biocon Biologics Limited ("BBL"), a subsidiary of Biocon Limited, pursuant to which BBL will offer approximately 15% stake to Serum Institute Life Sciences Private Limited ("SILS") at a post-money valuation of USD 4.9 billion, for accessing 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. The date of signing the deal was 16 September 2021.
The transaction is the first vaccine block strategic deal for supply of COVID-19 vaccines, and one of the largest strategic vaccine deals in the world.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Limited & BBL, commented: "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 for life saving vaccines and biologics."
The transaction team was led by Iqbal Khan, Partner; Ambarish, Partner; Prashant Saran, Senior Consultant; Jamshed Bhumgara, Partner; Aditi Tralshawala, Principal Associate; Devika Menon, Senior Associate; Saloni Kothari, Associate.
The due diligence team was led by Iqbal Khan, Partner; Ambarish, Partner; Aditi Tralshawala, Principal Associate; Tarini Sardesai, Associate; Saloni Kothari, Associate; Soumee Saha, Associate (General Corporate); Shahana Chatterji, Partner; Protiti Roy, Senior Associate; Nidhi Chikkerur, Associate (Regulatory); Mukul Baveja, Partner; Jogeshwar Mishra, Principal Associate (Intellectual Property); Meghna Rajadhyaksha, Partner; Gourav Mohanty, Senior Associate (Litigation); Ashoo Gupta, Partner; Riddhi Shah, Associate (Real Estate). The competition team was led by Aparna Mehra, Partner; Gauri Chhabra, Partner; Rahul Shukla, Senior Associate; Kshitij Sharma, Associate. Akshita Alok, Senior Associate (Bangalore Office) assisted the team with the execution formalities for the transaction in Bangalore.
Allegro Capital Advisors and Bobby Parikh Associates advised BBL on the commercial and tax aspects, respectively. Veritas Legal and Deloitte advised SILS on the legal and tax aspects, respectively.