Novo Nordisk wants to take its partnership with Biocorp to the next level. The Bagsværd, Denmark-based company said on Monday that it is in exclusive negotiations with Bio Jag, Biocorp’s main shareholder in a deal with a value of $164 million.
The price of the offer represents a premium of 19.5% over Biocorp’s closing market price on June 2, 2023 and 45.2% compared to the volume-weighted average trading prices of the last 90 trading days.
Biocorp’s standout technology is Mallya, a Bluetooth-enabled smart add-on device for pen injectors.
Since 2021, the companies have been collaborating on the development and commercialization 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.”