Biotechnology firm Biocon on Monday announced the acquisition of a 70 per cent stake in German pharmaceutical company, AxiCorp GmbH, for Euro 30 million (over Rs 173 crore), as part of its plan to become a major player in the insulin segment in Europe.
Friedrichsdorf (near Frankfurt) headquartered AxiCorp, a marketing and distribution company, had a turnover of Euro 75 million in 2007.
Biocon Chairman and Managing Director Kiran Mazumdar-Shaw told a press meet that the privately-held AxiCorp, founded in 2002, is a profitable firm. She, however, did not disclose the bottomline of the German company.
She said AxiCorp, which has launched more than 180 products, would add to the combined bottomline going forward.
"AxiCorp is a key strategic investment for Biocon as it heralds our European foray for biosimilars like Recombinant Human Insulin," Mazumdar-Shaw said, adding that the acquisition would help Biocon build strong marketing and distribution capabilities in Europe.
"Both companies share a common vision of affordable healthcare, which we can deliver through a combination of Biocon's low-cost manufacturing and AxiCorp's low-cost distribution," she said.
Mazumdar-Shaw said Biocon is focused on being a key player in the insulin segment and aiming to become the lowest cost insulin maker in the world market.
Biocon said the acquisition would enable marketing and distribution of a range of pharmaceuticals including generics, biosimilars, biologics and pharmaceutical products in Europe, particularly Germany.