(Reuters) - Danish drug developer Novo Nordisk (CSE:NOVOb) said on Monday it had started talks to buy a controlling stake in French medical device designer Biocorp.
The Danish company said it had entered into exclusive negotiations with Bio Jag, Biocorp's main shareholder, for the purchase of its over 45% stake in the French company at a price of 35.0 euros ($37.44) per share in cash.
The price represents a premium of 19.5% over Biocorp's closing market price on June 2 and the transaction values Biocorp at about 154 million euros, the companies said.
Certain minority shareholders, representing 19.0% of the share capital of Biocorp, will also transfer shares to Novo Nordisk and the transaction will be followed by a squeeze-out procedure.
The block purchase should take place during the third quarter of 2023 and the filing of the subsequent offer should take place in September 2023, Novo said.
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