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CCI approves OFB Tech’s acquisition of majority stake in SMW Ispat, Serum Institute-Biocon Biologics deal

19/05/2022 at 3:33 PM

New Delhi, May 19: The Competition Commission of India (CCI) has approved acquisition of majority stake in SMW Ispat Private Limited by OFB Tech Private Limited.

The proposed combination envisages acquisition of majority stake in SMW Ispat Private Limited (SMW Ispat) by OFB Tech Private Limited (OFB Tech).

OFB Tech, a private limited company, is engaged in the business of wholesale trading of bulk raw materials such as steel, non-ferrous metals, industrial chemicals and petroleum derivatives, agri-commodities to facilitate transactions between businesses through its online or offline channels.

SMW Ispat, a private limited company, is engaged in the business of manufacturing products such as TMT steel bars and steel billets.

 Similarly, the CCI approved merger by absorption of Covidshield Technologies into Biocon Biologics in consideration for acquisition of approximately 15% equity shareholding of Biocon Biologics by Serum Institute Life Sciences

The Proposed Combination involves merger by absorption of Covidshield Technologies Private Limited (CTPL), a wholly owned subsidiary of the Serum Institute Life Sciences Private Limited (Acquirer) into the Biocon Biologics Limited (Target) pursuant to a scheme of merger in consideration of which the Acquirer will acquire approximately 15% equity shareholding on a fully diluted basis in the Target.

The Acquirer is a subsidiary of Serum Institute of India Private Limited and was established as a company for further development and commercialization of vaccines and therapies against COVID-19. It also had plans to further develop vaccines against other infectious diseases. At present, the Acquirer is in the process of setting up its own manufacturing facility.

CTPLis a wholly owned subsidiary of the Acquirer, which shall be merged into the Target pursuant to the Proposed Transaction. It was incorporated to undertake the business of marketing, selling and distributing vaccines, drugs and other pharmaceutical products.

The Target is a subsidiary of Biocon Limited, and it offers treatment for chronic and acute diseases such as diabetes, oncology, nephrology, cancer, and autoimmune diseases. The Target also has research and development centres in Bengaluru and Chennai. It has manufacturing facilities in Bengaluru and Malaysia for monoclonal antibodies, recombinant proteins and insulins.

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