Biocon pays Rs 173 cr for 70% stake in AxiCorp for Europe network

Biocon is funding this acquisition with its cash reserves. AxiCorp, in addition to having the distribution network, operates in the pharmacy, drugs logistics and development in the off-patent market.  The acquisition is expected to be completed by the second quarter of the next financial year and will be operated as a autonomous subsidiary of Biocon. According to Biocon, this would enable the marketing and distribution of a range of pharmaceuticals, including generics, biosimilars, biologics and other pharmaceutical products in Germany and Europe.  Currently, Biocon generates 25 per cent of its top line from the EU and, with this move, expects it to touch 40 per cent at the end of the next financial year.  Last year, Biocon took a similar route to sell its products in West Asia, after it floated a joint venture with a local firm for distribution.  Kiran Mazumdar-Shaw, chairman and managing director of Biocon, said,