By Dominic ChoppingDanish pharmaceutical company Novo Nordisk said Monday it has entered into exclusive talks with Bio Jag to buy its entire stake in Biocorp Production in a deal that values the French medical device maker at 154.4 million euros ($165.4 million). Novo Nordisk has offered EUR35 a share for Bio Jag's 45.3% stake in Biocorp and the deal would be followed by a mandatory tender offer for all remaining outstanding shares at the same price. Certain minority shareholders representing 19% of Biocorp shares have committed to transfer shares to Novo Nordisk upon completion of the acquisition of Bio Jag's stake, it said. Since 2021, the companies have been collaborating on developing a Mallya add-on device for the Novo Nordisk FlexTouch pen used by diabetes patients, and this collaboration has been expanded to develop versions of the Mallya device for other therapy areas. Novo Nordisk said the purchase of Bio Jag's stake should complete during the third quarter of 2023 with filing of the subsequent offer expected in September 2023.

Source: Wall Street Journal June 05, 2023 06:10 UTC