Novo Nordisk enters exclusive negotiations to acquire a controlling stake in BIOCORP, to be followed by a tender offer on all remaining shares

Novo Nordisk has entered into exclusive negotiations with BIO JAG, BIOCORP’s main shareholder, for the purchase of its entire stake in BIOCORP, representing 45.3% of its share capital and 62.2% of its theoretical voting rights, at a price of 35.00 Euros per share.

Certain minority shareholders, representing 19.0% of the share capital and 13.07% of the theoretical voting rights of BIOCORP, have committed to transfer shares to Novo Nordisk upon completion of the acquisition of BIO JAG’s stake.
The proposed transaction would be followed by a mandatory simplified tender offer launched by Novo Nordisk on all remaining outstanding BIOCORP securities and, if the legal requirements are met, a mandatory squeeze-out of the remaining shareholders and delisting of BIOCORP.

Bagsværd, Denmark and Issoire, France, 5 June, 2023 – Novo Nordisk A/S and BIOCORP Production SA announced today that Novo Nordisk has entered into exclusive negotiations for a controlling stake in BIOCORP, which would be followed by a mandatory simplified tender offer on all remaining outstanding shares in BIOCORP¹ at a price of 35.00 Euros per share in cash, representing a total equity value of approximately 154 million Euros.

BIOCORP is a French company specialised in the design, development and manufacturing of delivery systems and innovative medical devices, including Mallya, a Bluetooth enabled smart add-on device for pen injectors.

Since 2021 the companies have been collaborating on the development and commercialisation of a Mallya add-on device for the Novo Nordisk FlexTouch pen used by people with diabetes, and during 2022 and 2023 this engagement has been expanded to the development of versions of the Mallya device for other therapy areas.

“Novo Nordisk has strong and established core capabilities within developing, scaling, and large-scale manufacturing of innovative injection devices for insulin and other medicines, and we are looking to increase agility to enable faster innovation and development of novel connected devices,” said Marianne Ølholm, senior vice president, Devices and Delivery Solutions in Novo Nordisk. “We have enjoyed a fruitful collaboration with BIOCORP over the past couple of years, and we hope to be able to welcome the company and its highly skilled workers into Novo Nordisk to complement our in-house efforts within connected delivery solutions and accelerate our ambitions within devices and delivery solutions.”