Biocon to acquire European pharma distributor AxiCorp to enter Europe
11 February 2008
Biocon Ltd has reached agreement to acquire a 70-per cent stake in German pharmaceutical company, generic parallel imported pharmaceutical distributor AxiCorp GmbH for €30 million.
"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," said Kiran Mazumdar-Shaw, chairman and managing director, Biocon.
The acquisition of AxiCorp is a key strategic investment for Biocon as the acquisition will enable the marketing and distribution of a range of Biocon pharmaceuticals including generics, biosimilars like recombinant human insulin, biologics and innovative pharmaceutical products in Germany and Europe.
AxiCorp is a specialised marketing and distribution company established in 2002 by a group of industry professionals 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 to the radically altered way the German pharmaceutical market now functions.
She said, both companies shared a common vision of affordable healthcare, which the companies planned to leverage through a combination of Biocon's low-cost manufacturing and AxiCorps low-cost distribution.
"We are delighted to welcome AxiCorp to the Biocon group of companies as an autonomous subsidiary. We look forward to the continued leadership role played by Holger Gehihar and Dirk Ullrich in steering AxiCorp to new levels of growth."
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.
Allegro Capital were the financial advisors to Biocon on this transaction.