The Serum Institute of Life Sciences will double its investment in one of Biocon Ltd ‘s units, giving it access to 100 million doses of vaccines annually along with the distribution rights to Serum’s vaccine portfolio, the Indian biopharma firm said on Tuesday.

Serum Institute of Life Sciences is a unit of Serum Institute of India, the world’s biggest vaccine maker.

Under new terms of the alliance, it would pump in $150 million after converting a loan to Biocon Pharma Ltd into equity in Biocon Biologics Ltd, the company said.

The investment is in addition to the $150 million that Serum Institute of Life Sciences invested in Biocon Biologics in November, the company said.

Biocon had signed an agreement in September 2021 to offer about 15% stake in Biocon Biologics to Serum Institute of Life Sciences.