Biocon wins bid for acquiring Nobex's assets

Bangalore, Mar 28 (UNI) India's leading biotechnology company, Biocon Limited, today announced that it has put up the winning bid for acquiring all the assets of Nobex Corporation, a drug development company which has filed for bankruptcy in December last.

Biocon and Nobex had earlier entered into an alliance for the global co-development and commercialisation of oral insulin and oral B-type natriuretic peptide (BNP), Biocon said in a release here.

Commenting on the acquisition, Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said ''this is truly a strategic acquisition which provides us with an immensely valuable IP platform.'' Nobex, which specialised in a proprietary drug delivery system to enable oral delivery of peptide drugs, had filed for bankruptcy on December one last. The auction was conducted on March 16 last and the Court approved the best bid by Biocon on March 20, the release said.

Biocon made an opening stalking horse bid of US dollars 3.5 million to acquire the assets of Nobex before the auction and emerged as the final bidder with a total commitment, including the settlement with the Creditors Committee, of US dollars five million and certain back-end royalties.

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