FRANCE — Novo Nordisk has now completed the acquisition of 100% of Biocorp’s shares, as confirmed by the CEO of the France-based drug delivery device manufacturer.
Biocorp specializes in the design, development, and production of delivery systems and medical devices, including the innovative Mallya, a Bluetooth-enabled smart add-on device designed for pen injectors.
Mallya is a smart sensor that seamlessly attaches to insulin pen injectors, transforming them into connected devices.
This innovative device automatically collects and records vital treatment data, subsequently transmitting it to a dedicated digital application.
The data includes essential information such as selected insulin units, injection date, and time. It’s worth noting that Mallya received FDA clearance in December 2022.
Building on this success, the two companies decided to expand their partnership to create Mallya versions suitable for various therapy areas.
Novo Nordisk’s acquisition of a controlling stake in Biocorp paves the way for a mandatory simplified tender offer encompassing all remaining outstanding shares of Biocorp.
The deal has been valued at US$37.38 (€35) per share, representing a total equity value of approximately US$164.5 million (€154 million).
This price represented a premium of 19.5% over Biocorp’s closing market price on June 2, 2023, and a substantial 45.2% premium compared to the volume-weighted average trading prices over the past 90 trading days.
The board of directors at Biocorp had unanimously welcomed this proposed transaction, with the initial purchase slated for the third quarter of 2023. Additionally, the filing of the subsequent offer was scheduled for September.
Post-acquisition, Novo Nordisk intends to maintain certain elements of Biocorp while committing to further investments in the organization’s growth.
The collaboration between Novo Nordisk and Biocorp on Mallya’s development and commercialization began in 2021.
It was initially designed to complement the Novo Nordisk FlexTouch pen, catering to individuals with diabetes.
The partnership later expanded to encompass the development of Mallya versions for a broader spectrum of therapy areas.
Back in June, Novo Nordisk had initiated negotiations to secure a controlling stake in Biocorp, and it was indicated that this acquisition would be followed by the mandatory simplified tender offer covering all outstanding Biocorp shares.
Biocorp CEO Eric Dessertenne celebrated the deal’s completion in a LinkedIn post, sharing an image of himself holding a sign that read “Biocorp — A Novo Nordisk Company.”
In his post, Dessertenne expressed enthusiasm about the collaborative opportunities ahead, emphasizing how they are “united by differences, powered by innovation,” and the story they still have to write together.
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