| Biocon to buy 70% stake in AxiCorp |
| BS Reporter / Mumbai February 11, 2008 |
| 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 |
