India's Biocon buys 70% of AxiCorp GmbH
Bangalore, India-based biotechnology firm Biocon has reached agreement to acquire a 70% holding in AxiCorp GmbH, a German supplier of parallel-imported pharmaceuticals, generic drugs, "biosimilars" and biological agents, for 30.0 million euros ($43.5 million).
With the strategic investment in AxiCorp, Biocon says it will establish its first presence in Europe, in order to market its injectable insulin on its own, apart from building up marketing and distribution capabilities for many other products of its portfolio. The Indian firm sold its enzymes business to the Danish group Novozymes for around $115.0 million last July.
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