Biocon Ltd will divest its entire 70 per cent stake in German subsidiary Axicorp GmbH in its bid to increase the operating margin of the company.
After the Pfizer deal, the company said the relevance of this subsidiary has changed and it would prefer to exit the company to boost its operating margin.
“Axicorp was acquired at a cost of 31 million euros in 2008 to commercialise our two products — insulin and glargine — in Germany. However, relevance of this has changed after Pfizer came on board to market these two products in global market. So, we have decided to divest our stake in this subsidiary,” said Kiran Mazumdar-Shaw, CMD.
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