BioCon buys stake in German pharma company

Fulfilling an earlier promise to acquire a company, Bangalor-based BioCon has spent €30 million to purchased a 70 percent stake in German pharmaceutical company AxiCorp. The deal will allow BioCon to market its injectable insulin, Insugen, in Europe; it will be followed by other generics, biosimilars and biologics.

In January BioCon indicated that it was exploring ways to promote its products in North America and Europe, and planning to spin off its clinical research group. According to Biocon's release, this marks the first of several acquisitions Biocon has planned following the sale of its enzymes business last year. "We are very focused on becoming a key player in insulin globally," said a BioCon spokesperson. "We can deliver through a combination of Biocon's low cost manufacturing and AxiCorp's low cost distribution."

- here's the release
- and check out this Economic Times report