Biocon close to finalising AxiCorp acquisition; establishes cardiology division

22 Apr 2008

In a move aimed at strengthening its markets in the European Union, Biocon Ltd is close to acquiribng a 70-per cent stake in German pharmaceutical marketing and distribution company, AxiCorp GmbH for €30 million.

With this strategic acquisition Biocon will establish its first presence in Europe to market its injectible insulin on its own, and also to build up marketing and distribution capabilities for many other products of its portfolio. Teh move will enable Biocon to actively push its range of pharmaceuticals including generics, biosimilars, biologies and innovative pharmaceutical products in Germany and Europe.

AxiCorp is a specialized marketing company established in 2002 by a group of industry experts to address the lucrative generics and parallel distribution market in Germany and Europe, through a differentiated distribution model that is aligned to the radically altered way the German pharmaceutical market now functions.

The company had first made known its internt to acquire the ISO 9001 certified AxiCorp in February this year (See:Biocon to acquire European pharma distributor AxiCorp to enter Europe)

Biocon has also decided to split up its cardio-diabetes group by launching a stand alone cardiology division. This new division is being launched to focus on brand building for its flagship statin based product Statix as well as other products - Telmisat, Eptifibatide and its recombinant streptokinase product Myokinase.

The Rs3200-crore Indian cardiology market constitutes 10 per cent of the total pharmaceuticals market and is growing at 21 per cent. This division is envisaged to have an all India presence through a 250+ strong field force.