(Reuters) – Danish drug developer Novo Nordisk said on Monday it had started talks to buy a majority stake in French medical device designer Biocorp.
The Danish company said it had entered into exclusive negotiations with Bio Jag, the main shareholder of Biocorp, for the purchase of its more than 45% stake in the French company for the price of 35.0 euros (37, $44) per share in cash.
The price represents a 19.5% premium to Biocorp’s closing price on June 2 and the transaction values Biocorp at around 154 million euros, the companies said.
Certain minority shareholders, representing 19.0% of Biocorp’s share capital, will also sell shares to Novo Nordisk and the operation will be followed by a squeeze-out procedure.
The bulk purchase is expected to take place during the third quarter of 2023 with the filing of the subsequent offer expected to take place in September 2023, Novo said.
($1 = 0.9349 euros)
(Reporting by Michal Aleksandrowicz in Gdansk; Editing by Kim Coghill)