(News Bulletin 247) – The world number one in insulin plans to buy the French Biocorp. Novo Nordisk’s offer values ​​the designer of a connected “cap” intended to make insulin injectors (“pens”) intelligent at 154 million euros.

A new Parisian company should leave the Parisian coast in the coming months. The Danish laboratory Novo Nordisk, the world leader in insulin, announces that it has entered into exclusive negotiations to acquire Biocorp, a company specializing in the development and manufacture of medical devices and systems for the administration of injectable drugs.

The proposed acquisition of the company based in Issoire in the Puy-de-Dôme by Novo Nordisk will be carried out in several stages. The Danish giant has in fact entered into exclusive negotiations with Bio Jag, the main shareholder of Biocorp, with a view to buying its entire stake in the French group, representing 45.3% of the share capital and 62.19% of the notional voting rights of Biocorp. This equity investment will be made at a price of 35 euros per share, “during the third quarter of 2023”, according to the indicative timetable provided by the company.

A bonus of 20%

Some minority shareholders, including Nyenburgh, Greenstock and Vatel Capital, have agreed to transfer their shares once Novo Nordisk has taken control of the Puydomoise SME. They represent 19% of the share capital and 13.07% of the theoretical voting rights of Biocorp, under the same conditions as the previous transaction.

Following this takeover, Novo Nordisk will file a draft simplified takeover bid (OPAS) with the Autorité des marchés financiers (AMF) in September, on the balance of the shares in circulation on the Stock Exchange. of Paris, still at a price of 35 euros per share.

The price offered by Novo Nordisk thus represents “a premium of 19.5% compared to Biocorp’s market closing price on June 2, 2023, – i.e. 29.30 euros – and 45.2%” over the last three months . The Danish group’s offer values ​​Biocorp’s capital at 154 million euros.

If this simplified takeover bid results in success, Novo Nordisk plans to withdraw the company from the Paris market, nearly 8 years after having integrated it at a price of 9.25 euros when Euronext Growth was then called Alternext.

A new stage

This mark of interest from Novo Nordisk for Biocorp was altogether logical. In September 2021, the two companies had entered into an agreement for the development and supply of a version of Mallya, the device developed by Biocorp which makes it possible to measure in real time and record several parameters essential for monitoring and treatment. patients, compatible with the pre-filled FlexTouch pen marketed by Novo Nordisk for diabetic patients.

The two partners have therefore decided to push their collaboration a little further with this takeover, which will be followed by a simplified public offer for the balance of Biocorp’s capital. Novo Nordisk wants to “complete (its) internal efforts in terms of connected administration solutions”.

The market addressed is colossal, “with more than 60 million people in the world who use an injector pen”, recalls Marc-Antoine Barbé, small caps manager at MCA Finance on the antenna of BFM Business, who adds “that at least 50% of patients do not take their insulin treatment “correctly”. “, specifies Marc-Antoine Barbé.

In December 2022, the French company obtained the green light from the American health authority to market Mallya, its medical device intended to make insulin injectors intelligent. In its category, Mallya is currently the only device evaluated by the European regulatory authorities to meet the precision requirements required for a CE marking called “class IIb medical device”. The principle of the connected cap has already led to an agreement with Sanofi in 2019, in 2020 with Roche Diabetes Care France, in addition to that signed with Novo Nordisk.

Last year, Biocorp achieved a turnover increase of 14% to reach 11.7 million euros.

On the Paris Stock Exchange, the title Biocorp is suspended from quotation this Monday in view of the announcement of the marks of interest of Novo Nordisk for the French company. Trading will resume Tuesday on Euronext Growth, the small and mid-cap compartment.