Biocon buys 70 pct of Germany's AxiCorp

BANGALORE (Reuters) - Top biotechnology firm, Biocon Ltd, has agreed to buy 70 percent of German marketing firm AxiCorp GmbH for 30 million euros ($43.7 million) to boost its business in overseas markets, Biocon said on Monday.

The acquisition will enable marketing and distribution of a range of pharmaceuticals including generics, biosimilars, biologics and other products in Germany and other European countries, the Indian drugmaker said.

"AxiCorp is a key strategic investment for Biocon... which will help us build strong marketing and distribution capabilities in Europe," Kiran Mazumdar-Shaw, chairman and managing director of Biocon, said in a statement.

Allegro Capital were the financial advisors to Biocon for the transaction.

Biocon has been looking to acquire companies in Europe to boost its marketing muscle, after it sold off its enzymes business to Denmark's Novozymes in July last year for $115 million.

Last month, Biocon reported its quarter profit jumped more than five times after one-off gains from the sale of its enzymes business, and forecast more growth despite recession concerns in its key U.S. market.

Shares in Biocon, which has a market value of more than $1 billion, was down 1.2 percent at 401 rupees at 0808 GMT, caught in a broad sell-off in a Mumbai market that was down 5.4 percent.