Biocon close to acquiring Germany's AxiCorp for Euro 30 mln

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New Delhi, Apr 22 (UNI) Biocon Ltd today said it is close to acquiring a 70 per cent stake in German pharmaceutical Company, AxiCorp GmbH for a consideration of 30 million euro.

This will enable the marketing and distribution of a range of Pharmaceuticals including generics, biosimilars, biologies and innovative pharmaceutical products in Germany and Europe, a statement said.

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.

Biocon added that it has commenced Phase IIa Clinical Trials for IN105, a drug for diabetic patients. The study is expected to be completed in August 2008 and will provide the data necessary to commence Phase lIb clinical trials.

It has also commenced Phase lib trials for T1 h for patients with active rheumatoid arthritis.

The company added that it has decided to split up its Cardio-Diabetes group by launching a stand alone Cardiology division.

This new division is being launched to focus on brand building for its flagship statin based product Statix as well as other products like Telmisat, Eptifibatide and its recombinant streptokinase product Myokinase.

The Cardiology market in India constitutes 10 per cent (about 3,200 crore) of the Indian Pharma Market and is growing at 21 per cent. This division is envisaged to have an all India presence through a 250+ strong field force.

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