April 28, 2011,
M&A,
Indian biotechnology firm Biocon Ltd Chairwoman Kiran Mazumdar-Shaw said on Thursday the total value consideration for its divestment of German unit AxiCorp was 40 million euros ($58.2 million).
The company said it would divest its stake in AxiCorp, after roughly meeting estimates with a 25-percent rise in the fourth-quarter net profit.
In 2008, Bangalore-based Biocon, had agreed to buy 70 percent of German marketing firm AxiCorp for $43.7 million to boost its business in overseas markets. ($1 = 0.688 Euros)
M&A,
Indian biotechnology firm Biocon Ltd Chairwoman Kiran Mazumdar-Shaw said on Thursday the total value consideration for its divestment of German unit AxiCorp was 40 million euros ($58.2 million).
The company said it would divest its stake in AxiCorp, after roughly meeting estimates with a 25-percent rise in the fourth-quarter net profit.
In 2008, Bangalore-based Biocon, had agreed to buy 70 percent of German marketing firm AxiCorp for $43.7 million to boost its business in overseas markets. ($1 = 0.688 Euros)
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