Bangalore-based drugmaker Biocon will acquire a 70% stake in German pharmaceutical company AxiCorp GmbH for a consideration of euro 30 million.
According to a release issued by Biocon to the BSE today, this will enable the marketing and distribution of a range of pharmaceuticals including generics, biosimilars, biologics and innovative pharmaceutical products in Germany and Europe.
Allegro Capital was the financial advisor to Biocon for the transaction, the release added.
AxiCorp is a specialised marketing and distribution company established in 2002 by a group of industry experts to address the lucrative generics and parallel distribution market in Germany and Europe. AxiCorp is ISO-9001 certified with a differentiated distribution model that is aligned with the functions of the German pharmaceutical market.
Kiran Mazumdar-Shaw, chairman and managing director, Biocon, said: “AxiCorp is a key strategic investment for Biocon as it will enable our European foray for biosimilars like recombinant human Insulin. Biocon is investing in AxiCorp’s entrepreneurial team and its differentiated business model, which will help us build strong marketing and distribution capabilities in Europe. Both companies share a common vision of affordable healthcare, which we can deliver through a combination of Biocon’s low cost manufacturing and AxiCorps low cost distribution. We are delighted to welcome AxiCorp to the Biocon group of companies as an autonomous subsidiary. We look forward to the continued leadership role played by Holger Gehihar and Dirk Ullrich in steering AxiCorp to new levels of growth.”
Source: Business Standard