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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