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Novo Nordisk in talks buy controlling stake in Biocorp
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(Reuters) – Danish drug developer Novo Nordisk said on Monday it had started talks to buy a controlling stake in French medical device designer Biocorp.
(Reuters) – Danish drug developer Novo Nordisk said on Monday it had started talks to buy a controlling stake in French medical device designer Biocorp.
The Danish company said it had entered into exclusive negotiations with Bio Jag, Biocorp’s main shareholder, for the purchase of its over 45% stake in the French company at a price of 35.0 euros ($37.44) per share in cash.
The price represents a premium of 19.5% over Biocorp’s closing market price on June 2 and the transaction values Biocorp at about 154 million euros, the companies said.
Certain minority shareholders, representing 19.0% of the share capital of Biocorp, will also transfer shares to Novo Nordisk and the transaction will be followed by a squeeze-out procedure.
The block purchase should take place during the third quarter of 2023 and the filing of the subsequent offer should take place in September 2023, Novo said.
($1 = 0.9349 euros)
(Reporting by Michal Aleksandrowicz in Gdansk; Editing by Kim Coghill)
A controlling stake refers to owning enough shares in a company to have significant influence or control over its decisions and operations, typically more than 50% of the voting shares.
In finance, a premium is the amount by which the price of a security exceeds its face value or intrinsic value. It often reflects the additional value investors are willing to pay.
A squeeze-out procedure is a legal process where majority shareholders can force minority shareholders to sell their shares, often used in mergers and acquisitions to consolidate ownership.
A cash transaction is a financial exchange where payment is made immediately in cash or cash equivalents, rather than through credit or financing options.
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