The Danish diabetes care company announced on 5 June it has entered into exclusive negotiations with Bio Jag for the purchase of its entire stake in Biocorp, at a price of €35 ($37.44) per share in cash. Bio Jag is Biocorp’s main shareholder and owns 45% of the company’s stock. The price represents a premium of 19.5% over Biocorp’s closing market price on 2 June.
The deal values Biocorp at about €154m, the companies said. Certain minority shareholders, including Nyenburgh, Greenstock and Vatel Capital, which together represent 19% of the share capital of Biocorp, will also transfer shares to Novo Nordisk, and the deal will be followed by a squeeze-out procedure
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