Biocon wins bid for Nobex assets
Biotech major Biocon Limited has won the bid with a total commitment of $5 million and certain back-end royalties.india Updated: Mar 30, 2006 13:08 IST
Biotech major Biocon Limited on Tuesday said it has won the bid for acquiring all the assets of Nobex Corporation, a drug development company, with a total commitment of $5 million and certain back-end royalties.
Nobex, with which Biocon had earlier entered into an alliance for the global co-development and commercialisation of oral insulin and oral B-type natriuretic peptide (BNP), specialises in a proprietary drug delivery system to enable oral delivery of peptide drugs.
Nobex had filed for bankruptcy under Chapter II on December 1,2005 and the auction was conducted on March 16, Biocon said, adding, the court had approved the best bid of Biocon on March 20.
Biocon, the Bangalore-based company said in a statement, made an opening "stalking horse" bid of $3.5 million to acquire the assets of Nobex before the auctions and emerged as the final bidder with a total commitment, including the settlement with the creditors committee, of$5 million and certain back-end royalties.
The sale of Nobex's assets to Biocon, as well as a settlement with the Creditors' Committee was duly concluded under the supervision of the Delaware Bankruptcy Court, it said.