Danish healthcare company Novo Nordisk is set to acquire a majority stake in France-based medical device manufacturer Biocorp Production for €154m.
Novo Nordisk is currently in exclusive talks with Biocorp’s key shareholder BIO JAG to purchase its entire 45.3% share capital and 62.2% voting rights at a price of €35 per share.
The Danish company would also acquire a 19% share capital and 13.07% voting rights of Biocorp, held by certain minority shareholders, subject to the acquisition of BIO JAG’s stake.
The transaction price represents a 19.5% premium to Biocorp’s closing price on 2 June 2023 and 45.2% to the volume-weighted average trading prices of the last 90 trading days.
Novo Nordisk would file a mandatory simplified tender offer on all remaining outstanding Biocorp shares, with the French Financial Market Authority (AMF).
The acquisition is expected to be completed during the third quarter of this year, with the filing of the subsequent offer anticipated in September.
Novo Nordisk devices and delivery solutions senior vice president Marianne Ølholm said: “Novo Nordisk has strong and established core capabilities within developing, scaling, and large-scale manufacturing of innovative injection devices for insulin and other medicines, and we are looking to increase agility to enable faster innovation and development of novel connected devices.
“We have enjoyed a fruitful collaboration with Biocorp over the past couple of years, and we hope to be able to welcome the company and its highly skilled workers into Novo Nordisk to complement our in-house efforts within connected delivery solutions and accelerate our ambitions within devices and delivery solutions.”
Biocorp is engaged in the design, development and production of delivery systems and medical devices, including the Mallya smart device, an add-on for insulin pen injectors.
In 2021, the company teamed up with Novo Nordisk for the development and marketing of Mallya as an add-on device for its FlexTouch pen used by people with diabetes.
During 2022 and 2023, the companies expanded their partnership to develop new versions of the Mallya device for other therapy areas.
Novo Nordisk said that it aims to preserve the agility and entrepreneurial spirit of Biocorp, while investing further in the company after completion of the acquisition.
Stifel served as a financial advisor, McDermott Will & Emery as a legal advisor to Biocorp, while Lazard served as a financial advisor and Bird & Bird as a legal advisor to Novo Nordisk.
Biocorp CEO Eric Dessertenne said: “This potential combination rewards our efforts, begun five years ago, to digitalise the treatment and monitoring of chronic patients, with the constant aim of easing their daily lives.
“Our teams are enthusiastic about pursuing this public health mission, which will be intensified by the strength of Novo Nordisk’s global presence.”
