Biocon to buy US firm for $400 mn
After gaining a foothold in the European market with the acquisition of German drug marketing firm AxiCorp GmbH in February, India’s Biocon Ltd now has set its sights on the US pharma distribution market with a deal valued at about $400 million (Rs1,595 crore).The Bangalore-based biotech firm has been scouting for an acquisition in the US that will sell its pharmaceutical products such as generics, biosimilars and biologics in the world’s largest drug market.
In February, Biocon announced that it had agreed to buy a 70% stake in AxiCorp for €30 million, expanding its drug marketing network into Germany and the rest of Europe. Allegro Capital was the financial adviser to Biocon.
Part of the funds for these acquisitions are coming from the sale of the firm’s enzymes business last year. In July, Biocon sold the business to Denmark-based Novozymes A/S for $115 million (Rs465 crore then).
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment