Krishnamurthy & Co (K Law) and Shardul Amarchand Mangaldas have advised biopharmaceutical company Biocon on the $730 million sale of a 15 percent stake in subsidiary Biocon Biologics to Serum Institute of India (SII), which was represented by Veritas Legal.

The deal will grant SII access to 100 million doses of vaccines annually for 15 years.

Biocon Biologics develops affordable biosimilars. SII, the maker of AstraZeneca's COVID-19 shot, which is branded as Covishield in India, is the world's largest vaccine maker.

The deal with SII values Biocon Biologics at about $4.9 billion and will solely focus on COVID-19 vaccines in the initial years, reported Reuters.

Partner Naina Krishna Murthy led the K Law team.

Meanwhile, the SAM team was led by partners Iqbal Khan, Ambarish, Shahana Chatterji, Mukul Baveja, Meghna Rajadhyaksha, Ashoo Gupta, Aparna Mehra and Gauri Chhabra.

To contact the editorial team, please email ALBEditor@thomsonreuters.com.