Serum Institute buys Dutch co for Rs 550 cr
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Leading vaccine firm Serum Institute of India, the flagship company of the $1-billion Poonawalla Group, has acquired The Netherlands-based Bilthoven Biologicals for Rs 550 crore. This is the company's first overseas acquisition and inolves acquiring 100 per cent stake in Bilthoven Biologicals, the company said.
Chairman of the Group, Cyrus Poonawalla, said that "The total deal size is 80 million euros or (Rs 550 crore). We have already paid 32 million euros. The remaining amount will have to be paid over a period of two to three years because of the liabilities and assets, which are pending." Through the acquisition, the Serum Institute will get access to technology and expertise for making the Injectable Polio Vaccine (Salk), a capability that is currently possessed by only 3 other vaccine manufacturing plants globally.
The acquisition will also provide the Poonawalla Group and the Serum Institute an important manufacturing base in Europe, with access to the important European and US markets.
"This acquisition will significantly strengthen our position in the global vaccines market, while giving us access to the technology and production facility of Injectable Polio Vaccine (Salk), which is the only logical solution available to the world for the eradication of polio," Poonawalla said.
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