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CCI approves Serum Institute Life Sciences-Biocon Biologics deal

The Competition Commission of India (CCI) has approved a proposed deal involving Serum Institute Life Sciences, Covidshield Technologies and Biocon Biologics.

Serum Institute | Serum Institute of India | Biocon

Press Trust of India  |  New Delhi 

Adar Poonawalla, chief executive officer (CEO) of Serum Institute of India
Adar Poonawalla, chief executive officer (CEO) of Serum Institute of India (Photo: PTI image)

The Competition Commission of India (CCI) has approved a proposed deal involving Life Sciences, Covidshield Technologies and Biologics.

Once the deal is complete, Life Sciences Pvt Ltd will have about 15 per cent stake in Biologics Ltd, according to the notice filed with the regulator.

Covidshield Technologies Pvt Ltd (CTPL), a wholly-owned subsidiary of of Life Sciences, will be merged into Biologics.

In a tweet on Wednesday, 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 pharmaceutical products.

Biocon Biologics Ltd is a subsidiary of Biocon Ltd. It offers treatment for chronic and acute diseases such as diabetes, oncology, nephrology, cancer, and autoimmune diseases.

The company also has research and development centres, and manufacturing facilities.

Deals beyond certain thresholds require approval from CCI, which keeps a tab on anti-competitive practices in the market place.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, May 18 2022. 20:55 IST