Biocon has announced the merger of its subsidiary Biocon Biologics Ltd with the Serum Institute of India’s subsidiary Covidshield Technologies, subject to requisite statutory approvals. The merger was confirmed in early January at a Biocon board meeting, after the deal was first announced in September.
There is no cash consideration involved with the merger, with Biocon Biologics instead offering a fully-diluted 15% equity share to Serum at a post-money valuation of $4.9bn