Biocon acquires 70 pc stake in AxiCorp

New Delhi, Feb 11: Biocon Ltd today said it has acquired 70 per cent stake in AxiCorp GmbH, a German pharmaceutical company, for 30 million euros to market and distribute pharmaceutical products in Germany and Europe.

With the strategic investment in AxiCorp, Biocon establishes its first presence in Europe in order to market its injectible insulin on its own, and also to build up marketing and distribution capabilities for many other products of its portfolio, a company statement said. The contract will enable the marketing and distribution of a range of pharmaceuticals including generics, biosimilars, biologics and innovative pharmaceutical products in Germany and Europe.

''AxiCorp is a key strategic investment for Biocon as it heralds our European foray for biosimilars like Recombinant Human Insulin. Biocon is investing in AxiCorp's very impressive entrepreneurial team and its highly differentiated business model, which will help us build strong marketing and distribution capabilities in Europe,'' company's Chairman and Managing Director Kiran Mazumdar-Shaw said.

AxiCorp, a specialised marketing and distribution company, is ISO 9001 certified with a differentiated distribution model that is aligned to the radically altered way the German pharmaceutical market now functions, the statement said, adding that Allegro Capital were the financial advisors to Biocon on this transaction.

UNI