Veritas, SAM, K Law advise on Serum-Biocon merger

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Veritas Legal advised Serum Institute Life Sciences when it agreed to the merger of its subsidiary, Covidshield Technologies, with Biocon Biologics, which in turn is a subsidiary of National Stock Exchange of India and BSE-listed Biocon.

Shardul Amarchand Mangaldas & Co and Krishnamurthy & Co (K Law) advised Biocon Biologics.

The deal, valued at INR54.17 billion (USD735 million), was announced on 6 September. The terms of the merger are to be finalised within 60 days, while the deal is expected to close in the second half of 2022.

Veritas Legal partners Nandish Vyas and Abhijit Joshi advised on the deal. Vyas described it as “unique and multi-dimensional”, as it involved a long-term vaccine supply arrangement, along with Serum Institute Life Sciences acquiring a stake in Serum Institute Life Sciences. The Veritas team included senior associate Roshni Rathi and associate Karun Jhangiani.

SAM’s team was led by partners Iqbal Khan, Ambarish and Jamshed Bhumgara, senior consultant Prashant Saran, principal associate Aditi Tralshawala, senior associate Devika Menon and associate Saloni Kothari. Partners Shahana Chatterji, Mukul Baveja, Meghna Rajadhyaksha and Ashoo Gupta; senior associate Protiti Roy and Gourav Mohanty; principal associates Aditi Tralshawala and Jogeshwar Mishra; and associates Tarini Sardesai, Saloni Kothari, Soumee Saha, Nidhi Chikkerur and Riddhi Shah assisted with due diligence. Partners Aparna Mehra and Gauri Chhabra, senior associate Rahul Shukla and associate Kshitij Sharma assisted with competition law advice. Senior associate Akshita Alok assisted with execution formalities for the transaction in Bengaluru.

K Law’s team comprised the firm’s founder and managing partner, Naina Krishna Murthy, partner Jeevith Belliappa and senior associate Puneet Prabhakar.

According to stock exchange filings, Biocon Biologics is to offer Serum Institute Life Sciences, which is a subsidiary of vaccine maker Serum Institute of India, a stake of about 15%. Biocon Biologics will in turn get access to 100 million doses of vaccines per annum for 15 years, primarily from Serum Institute Life Sciences’ upcoming vaccine facility in Pune, with commercialisation rights of the vaccine portfolio, which includes covid-19 vaccines, for global markets.