France-based Biocorp specializes in the design, development and manufacturing of delivery systems and medical devices. Its offerings include Mallya, a Bluetooth-enabled smart add-on device for pen injectors.
Mallya, a smart sensor, attaches directly to insulin pen injectors to make them connected devices. It automatically collects and records key treatment information and transmits it to a dedicated digital application. That data includes selected insulin units, date and time of injection. The FDA cleared Mallya in December 2022.
Novo Nordisk and Biocorp have collaborated on Mallya’s development and commercialization since 2021. It pairs with the FlexTouch pen for people with diabetes. The two companies expanded their partnership to the development of Mallya versions for other therapy areas.
Acquiring a controlling stake would be followed by a mandatory simplified tender offer on all remaining outstanding Biocorp shares. Novo Nordisk valued the deal at $37.38 (€35) per share. That represents a total equity value of approximately $164.5 million (€154 million).
Following the acquisition, Novo Nordisk said it aims to preserve some aspects of Biocorp while investing further in the organization.
More details on the deal between Novo Nordisk and Biocorp
Novo Nordisk entered into exclusive negotiations with Bio Jag, Biocorp’s main shareholder. The company wants to acquire Bio Jag’s entire stake, representing 45.3% of its share capital and 62.19% of its theoretical voting rights.
Additionally, the company would acquire shares held in Biocorp by certain minority shareholders, including Nyenburgh, Greenstock and Vatel Capital. Those stakes represent, in aggregate, 19.03% of share capital and 13.07% of the theoretical voting rights.
Marianne Ølholm, SVP, devices and delivery solutions at Novo Nordisk, said the company aims to increase its agility with this deal. Biocorp enables faster innovation and development for novel connected devices, Ølholm explained.
“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,” said Ølholm.
The $164.5 million price represents a premium of 19.5% over Biocorp’s closing market price on June 2, 2023. It marks a 45.2% premium compared to the volume-weighted average trading prices of the last 90 trading days. Biocorp’s board of directors unanimously welcomed the proposed transaction. The company expects the initial purchase to take place during the third quarter of 2023. It earmarked September for the filing of its subsequent offer.
“We are delighted by the potential to join Novo Nordisk, a leading global healthcare company,” said Biocorp CEO Eric Dessertenne. “This potential combination rewards our efforts, begun five years ago, to digitalize the treatment and monitoring of chronic patients, with the constant aim of easing their daily lives. Our teams are enthusiastic about pursuing this public health mission, which will be intensified by the strength of Novo Nordisk’s global presence.”
