Biocon - Update - Biocon acquires Axi Corp

Biotech major Biocon on Monday said it will acquire a majority stake in a Germany-based pharmaceutical company for about 30 million Euros (over Rs173 crore).
"AxiCorp is a key strategic investment for Biocon as it heralds our European foray for biosimilars like Recombinant Human Insulin,” Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said.

The acquisition would enable Biocon to market and distribute a range of pharmaceuticals, including generics, biosimilars and biologics in Germany and Europe.

The company has acquired 70% stake in German Co., Axi Corporation for Euro 30 million, reports CNBC-TV18.

Link to the entire article: http://www.livemint.com/2008/02/11124822/Biocon-to-acquire-Germanybase.html

Link: http://www.moneycontrol.com/india/news/buzzing-stocks/biocon-acquires-axi-corp-stock-down/16/25/325576