Serum Institute Life Sciences’ Acquisition of 15% Stake in Biocon Biologics

Shardul Amarchand Mangaldas & Co. and Krishnamurthy & Co. advised Biocon Biologics on the deal, while Veritas Legal advised Serum Institute Life Sciences.

Biocon Biologics Limited will offer 15% stake to Serum Institute Life Sciences at a post-money valuation of USD 4.9 billion, for accessing 100 million doses of vaccines per annum for 15 years. 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.  

Biocon Biologics India Limited operates as a biopharmaceutical company. The Company offers treatment for chronic diseases such as diabetes, oncology, cancer, and autoimmune diseases. Biocon Biologics India serves customers worldwide. 

Serum Institute of India Pvt. Ltd. is one the world’s largest vaccine manufacturer by number of doses produced and sold globally (more than 1.5 billion doses) which includes Polio vaccine as well as Diphtheria, Tetanus, Pertussis, Hib, BCG, r-Hepatitis B, Measles, Mumps and Rubella vaccines. 

The Shardul Amarchand Mangaldas & Co. team was led by Partners Iqbal Khan (Picture); Ambarish, Jamshed Bhumgara, Senior Consultant Prashant Saran, Principal Associate Aditi Tralshawala, Senior Associate Devika Menon and Associate Saloni Kothari.
The due diligence team was led by Associates Tarini Sardesai, Soumee Saha, (General Corporate); Partner Shahana Chatterji; Senior Associate Protiti Roy, Nidhi Chikkerur, Associate (Regulatory); Partner Mukul Baveja, Principal Associate Jogeshwar Mishra,(Intellectual Property); Partner Meghna Rajadhyaksha, Senior Associate Gourav Mohanty,  (Litigation); Partner Ashoo Gupta, Associate Riddhi Shah,  (Real Estate). The competition team was led by Partners Aparna Mehra, Gauri Chhabra, Senior Associate Rahul Shukla and Associate Kshitij Sharma. Senior Associate Akshita Alok, (Bangalore Office) assisted the team with the execution formalities for the transaction in Bangalore.  

The Krishnamurthy & Co (K Law) team was led by Partner Naina Krishna Murthy, partner Jeevith Belliappa and senior associate Puneet Prabhakar.

Veritas Legal team included partners Abhijit Joshi and Nandish Vyas.

Involved fees earner: Jeevith Belliappa – Krishnamurthy & Co. (K Law); Naina Krishna Murthy – Krishnamurthy & Co. (K Law); Puneet Prabhakar – Krishnamurthy & Co. (K Law); Ambarish – Shardul Amarchand & Mangaldas & Co.; Akshita Alok – Shardul Amarchand & Mangaldas & Co.; Mukul Baveja – Shardul Amarchand & Mangaldas & Co.; Jamshed Bhumgara – Shardul Amarchand & Mangaldas & Co.; Shahana Chatterji – Shardul Amarchand & Mangaldas & Co.; Gauri Chhabra – Shardul Amarchand & Mangaldas & Co.; Nidhi Chikkerur – Shardul Amarchand & Mangaldas & Co.; Ashoo Gupta – Shardul Amarchand & Mangaldas & Co.; Iqbal Khan – Shardul Amarchand & Mangaldas & Co.; Saloni Kothari – Shardul Amarchand & Mangaldas & Co.; Aparna Mehra – Shardul Amarchand & Mangaldas & Co.; Devika Menon – Shardul Amarchand & Mangaldas & Co.; Jogeshwar Mishra – Shardul Amarchand & Mangaldas & Co.; Gourav Mohanty – Shardul Amarchand & Mangaldas & Co.; Meghna Rajadhyaksha – Shardul Amarchand & Mangaldas & Co.; Protiti Roy – Shardul Amarchand & Mangaldas & Co.; Soumee Saha – Shardul Amarchand & Mangaldas & Co.; Prashant Saran – Shardul Amarchand & Mangaldas & Co.; Tarini Sardesai – Shardul Amarchand & Mangaldas & Co.; Kshitij Sharma – Shardul Amarchand & Mangaldas & Co.; Rahul Shukla – Shardul Amarchand & Mangaldas & Co.; Aditi Tralshawala – Shardul Amarchand & Mangaldas & Co.; Abhijit Joshi – Veritas Legal; Nandish Vyas – Veritas Legal;

Law Firms: Krishnamurthy & Co. (K Law); Shardul Amarchand & Mangaldas & Co.; Veritas Legal;

Clients: Biocon Biologics Limited; Serum Institute Life Sciences;

Author: Alejandro Girola