Biocon buys 70% stake in German pharma co for €30 m

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Bangalore, Feb. 11

Biocon Ltd announced its first footprint in Europe by acquiring 70 per cent stake in German pharma distribution company AxiCorp GmbH for €30 million (around Rs 174 crore).

Biocon now has the distribution muscle in Germany and Europe; it would first launch its branded injectible insulin Insugen, on its own in these markets and follow up with others later, said its CMD, Ms Kiran-Mazumdar-Shaw, at a news conference.

Insugen's European launch may be 18-24 months away as it was in the process of registration with the EMEA (European Medicines Agency, the regulator).

AxiCorp, founded in 2002, is a €75-million, 170-strong company specialising in marketing and distributing low-cost drugs across Europe.

"AxiCorp heralds our European foray for biosimilars like recombinant human insulin.

"We are very focussed on becoming a key player in insulin globally," she said.

"We can deliver through a combination of Biocon's low cost manufacturing and AxiCorp's low cost distribution," Ms Mazumdar Shaw said.

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