Biocon shares rose as much as 5.75 per cent to hit an intraday high of Rs 398.60.Shares of the Bengaluru-based Biocon rose as much as 5.75 per cent to hit an intraday high of Rs 398.60 on the BSE after the company said that its material subsidiary - Biocon Biologics (BBL) - has entered into a strategic alliance with Serum Institute Life Sciences (SILS), a wholly owned arm of Serum Institute of India.

As per the alliance, board of Biocon Biologics approved the merger of Covidshield Technologies, a wholly-owned subsidiary of SILS, with, and into BBL.As per the agreement, Biocon Biologics will offer approximately 15 per cent stake to SILS, at a valuation of $4.9 billion, for which it will get access to 10 crore doses of vaccines per annum for 15 years, primarily from Serum Institute Life Sciences' upcoming vaccine facility in Pune with commercialization rights of the SILS vaccine portfolio (including COVID-19 vaccines) for global markets.Biocon Biologics partnered with U.S.

based Adagio Therapeutics in July to make and commercialise COVID-19 antibody treatments for India and some emerging markets.In addition to vaccines, the strategic alliance will also develop antibodies targeting several infectious diseases like Dengue, HIV, etc.

The two companies will enter Service Level Agreements (SLAs) for manufacturing and distribution of the vaccines and antibodies."Biocon Biologics will also establish, at its cost, a vaccine R-D division to support the strategic alliance in developing both vaccines and biologics for communicable diseases.

Additionally, wherever possible, it will make available its cell culture and sterile fill and finish capacities, for vaccine production under the strategic alliance," Biocon said in a press release.As of 10:41 am, Biocon shares traded 0.77 per cent higher at Rs 379.85.