Copenhagen-based pharmaceutical company Novo Nordisk has announced its commencement of talks to acquire a majority stake in Biocorp, a medical device design company based in France. Novo Nordisk has entered into exclusive negotiations with Bio Jag, the primary shareholder of Biocorp, for the acquisition of over 45% of the French company’s shares. The agreed-upon price is set at 35.0 euros ($37.44) per share, payable in cash.
The proposed price reflects a premium of 19.5% above Biocorp’s closing market price on June 2. This transaction places the total valuation of Biocorp at approximately 154 million euros, according to both companies involved.
Furthermore, certain minority shareholders, who collectively hold 19.0% of Biocorp’s share capital, have agreed to transfer their shares to Novo Nordisk. Following the completion of the transaction, a squeeze-out procedure will be carried out.
The block purchase is expected to occur in the third quarter of 2023, with the subsequent offer filing slated for September 2023, as stated by Novo Nordisk.
(Note: The exchange rate used is $1 = 0.9349 euros)