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Biocon sells stake in German arm; takes back licensing rights

In February 2008, Biocon had picked up 70 per cent in AxiCorp GmbH for a consideration of 30 million euros. Post the divestment, the licensing rights have come back to Biocon.

     Last Updated: April 28, 2011  | 17:25 IST

Biotechnology firm Biocon on Thursday said it will divest its 70 per cent stake in German arm - Axicorp GmbH - following its global alliance with Pfizer for commercialisation of biosimilar insulin and insulin analogs.

While announcing its fourth quarter and yearly results, Biocon said "it will divest stake in its German subsidiary Axicorp Gmbh to the existing group of promoter shareholders".

In February 2008, Biocon had picked up 70 per cent stake in AxiCorp GmbH for a consideration of 30 million euros.

Post the stake acquisition, Axicorp became the licensee for Biocon's biosimilar Insulin and Glargine in Germany and had the sole responsibility for commercialising these products.

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"As a consequence of this divestment, these licence rights revert to Biocon," the company said in a statement.

The company, however, did not disclose the financial details of the divestment.

The move follows Biocon's global alliance forged last year with Pfizer to commercialise biosimilar insulin and insulin analogs.

"This divestment is in line with the objectives of the global alliance (with Pfizer) wherin the synergies derived from the global development and investments can be leveraged for the German market as well," the company said.

Axicorp, during the transition period will continue to provide services to Biocon related to the clinical development of insulin and glargine in Europe, it said.

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