Biocon To Sell Its 78% Stake In AxiCorp For $58 Mn
Biocon Ltd will be selling its entire 78% stake in it's German unit, AxiCorp GmbH, to minority shareholders, for 40 million euros ($58.2 Mn).
AxiCorp was the licensee for Biocon's insulin and Glargine products in Germany and had the sole responsibility for commercialising these products.
Transactio Reference: Business Standard
Established in 2002, AxiCorp distributes parallel imported (PI) pharmaceuticals and generic drugs in Germany and Europe.
In April 2008, Biocon acquired 71% stake in Axicorp for Rs.199.5 Cr (29.58 Mn euros). In February 2009, it acquired additional 7.4% stake in Axicorp for Rs.5.1 Cr (0.76 Mn euros). The acquisition of AxiCorp was aimed at distributing its biosimilar drugs in Germany and other European countries.
Biocon and Pfizer last year, entered into an agreement, in which Pfizer would sell insulin drugs made by Biocon all around the world.
Earlier this year in January, Biocon had said that revenue from AxiCorp would be pressured as it eliminated some low-margin drugs after the German government asked drugmakers to offer a rebate.
AxiCorp's sales for the quarter slipped 5.7% to Rs.233 Cr ($52.5 Mn). For the year ending December 2009, AxiCorp earned revenues of Rs.911.7 Cr with profit of Rs.29.9 Cr.
Last year, Biocon acquired 49% stake of CIMAB SA in Biocon Biopharmaceuticals.
Biocon's net profit increased by 21.19% to Rs.88.03 Cr in Q4 FY2011 as against Rs.72.64 Cr in Q4 FY2010. Sales increased by 13.45% to Rs. 371.36 Cr in Q4 FY2010 as compared to Rs.327.32 Cr in Q4 FY2010.
For 2010-11, it's net profit increased by 84.91% to Rs.459.25 Cr as against Rs.248.36 Cr in 009-10. Sales increased by 31.68% to Rs.1531.56 Cr in 2010-11 as against Rs.1163.09 Cr in 2009-10.
In Jan this year, Aurobindo Pharma sold 51% stake in its Chinese subsidiary, Aurobindo (Datong) Bio Pharma Ltd (ADBPL) to China National Pharmaceutical Group Corp (Sinopharm), while Aventis Pharma Ltd exited it's joint venture vaccine making firm Chiron Behring Vaccines Pvt Ltd (CVBPL), by selling its 49% stake to it's nominee partner Novartis Pharma AG for $22.399 Mn (around Rs.101.1 Cr) last December.
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