Latest News | CCI Clears Serum Institute Life Sciences-Biocon Biologics Deal

New Delhi, May 18 (PTI) The Competition Commission of India (CCI) has approved a proposed deal involving Serum Institute Life Sciences, Covidshield Technologies and Biocon Biologics.

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

Also Read | Apple To Reportedly Unveil 3 Smartwatches Along With iPhone 14 Series on September 13, 2022.

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

Also Read | Vivo T2 To Be Launched on May 23, 2022; Check Expected Features & Specifications Here.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)