Biocon Ltd has reached agreement to acquire a 70 per cent stake in German pharmaceutical company, AxiCorp GmbH for a consideration of €30 million. This will enable the marketing and distribution of a range of pharmaceuticals including generics, biosimilars, biologics and innovative pharmaceutical products in Germany and Europe. Allegro Capital was the financial advisors to Biocon on this transaction.

AxiCorp is a specialized marketing and distribution company established in 2002 by a group of industry experts to address the lucrative generics and parallel distribution market in Germany and Europe. AxiCorp is ISO 9001 certified with a differentiated distribution model that is aligned to the radically altered way the German pharmaceutical market now functions.

Kiran Mazumdar-Shaw, chairman and managing director of Biocon said, "AxiCorp is a key strategic investment for Biocon as it heralds our European foray for biosimilars like recombinant human insulin. Biocon is investing in AxiCorp's very impressive entrepreneurial team and its highly differentiated business model, which will help us build strong marketing and distribution capabilities in Europe. Both companies share a common vision of affordable healthcare which we can deliver through a combination of Biocon's low cost manufacturing and AxiCorps low cost distribution. We are delighted to welcome AxiCorp to the Biocon group of companies as an autonomous subsidiary. We look forward to the continued leadership role played by Holger Gehihar and Dirk Ullrich in steering AxiCorp to new levels of growth."

With the strategic investment in AxiCorp, Biocon establishes its first presence in Europe in order to market its injectible insulin on its own, and also to build up marketing and distribution capabilities for many other products of its portfolio.