Serum Institute of India (SII) CEO Adar Poonawalla is all set to buy the most expensive house in London. According to media reports, the house in London bagged the title of being the most expensive house in 2023 and is worth ₹1,446 crore.
Adar Poonawalla is the CEO of Serum Institute of India (SII), which makes the Covishield vaccine.
A CNBC report confirmed the deal wherein Adar Poonawalla will buy the most expensive house in London. The 42-year-old Indian billionaire will pay ₹1,446 crore for the nearly a century-old Aberconway House near Hyde Park.
According to the report, the expensive London House will be acquired by Serum Life Sciences, a UK subsidiary of the Adar Poonawalla family’s Serum Institute of India (SII). This deal will make Aberconway House the second-most expensive home ever sold in London.
The priciest residential transaction in London occurred in January 2020 when 2-8a Rutland Gate was sold for a record-breaking £210 million. Originally attributed to the estate of the former Saudi Arabian crown prince Sultan bin Abdulaziz, recent revelations disclosed that the actual buyer was Hui Ka Yan, the founder and chair of Evergrande.
Serum Institute of India Ltd became the world’s biggest vaccine maker by producing low-cost inoculations for developing nations that other companies wouldn’t.
A Bloomberg report says that now Adar Poonawalla's Serum Institute is looking to tap the rich world’s need for those shots as well.
The Bloomberg report says, over the next three years, Pune-based Serum plans to start production of yellow fever and dengue shots for European and American travellers to countries where those diseases are endemic, Chief Executive Officer Adar Poonawalla said in an interview.
That would add higher-margin products to the company’s growing suite of immunisations, which include a sub-$4 malaria shot that was approved by the World Health Organization this week.
Serum Institute of India, a family-owned business that branched out from racehorse breeding, has thrived by targeting neglected diseases that plague the world’s poorest places. With its Covid-19 shots and plans for a so-called childhood TDAP vaccine that targets a constellation of ailments like whooping cough, the company is looking to expand in more competitive, and potentially more profitable, markets.
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