The Competition Commission of India (CCI) has approved a proposed agreement involving Serum Institute of Life Sciences, Covidshield Technologies and Biocon Biologics.
Upon completion of the agreement, Serum Institute Life Science Pvt.
Covidshield Technologies Pvt Ltd (CTPL), a wholly owned subsidiary of the Serum Institute of Life Sciences, will merge with Biocon Biologics.
In a tweet on Wednesday, Watchdog said it had “cleared up the merger through the exploitation of Covidshield technology in Biocon Biology, considering the acquisition of about 15 percent equity shareholding in Biocon Biology by Serum Institute Life Sciences.” CTPL was involved in the business of marketing, selling and distributing vaccines, medicines and other pharmaceutical products.
Biocon Biologics Limited is a subsidiary of Biocon Limited. It provides treatment for chronic and acute diseases such as diabetes, oncology, nephrology, cancer and autoimmune diseases.
The company has research and development center and production facilities.
Transactions outside the specified threshold require CCI approval, which puts a tab on anti-competitive practices in the market.
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