By Dominic Chopping
Danish 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.
Biocorp manufactures delivery systems and medical devices, including Mallya, a Bluetooth enabled add-on device for pen injectors. 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.
The price of the offer represents a premium of 19.5% over Biocorp’s closing market price on June 2.
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.
Write to Dominic Chopping at dominic.chopping@wsj.com
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