Biocon wins bid for acquiring Nobex Corporations assets

Biocon wins bid for acquiring Nobex Corporations assets
Bangalore | March 29, 2006 1:35:35 PM IST

Biocon Limited, Indias premier biotechnology company has announced that it had put up the winning bid for acquiring all the assets of Nobex Corporation, a drug development company specializing in a proprietary drug delivery system to enable oral delivery of peptide drugs.

Biocon and Nobex had earlier entered into an alliance for the global co-development and commercialisation of oral insulin and oral B-type natriuretic peptide(BNP).

Nobex had filed for bankruptcy under Chapter 11 on December 1, 2005. The auction was conducted on March 16, 2006, and the Court approved the best bid by Biocon on March 20, 2006.

Biocon made an opening stalking horse bid of 3.5 million dollars to acquire the assets of Nobex before the auction and emerged as the final bidder with a total commitment, including the settlement with the creditors committee, of five million dollars and certain back-end royalties.

The sale of Nobex assets to Biocon, as well as a settlement with the Creditors Committee was duly concluded under the supervision of the Delaware Bankruptcy Court. The assets acquired by Biocon include: IN-105, an oral insulin for type 2 diabetes; BN-054, an oral B-type natriuretic peptide (BNP) for cardiovascular disease; ratonin, an oral calcitonin in phase 1 trials for osteoporosis; ral PTH (Para Thyroid Hormone) and APAZA, an oral small molecule drug in phase trials for inflammatory bowel disease.

Commenting on the acquisition, Dr Kiran Mazumdar-Shaw said This is truly a strategic acquisition which provides us with an immensely valuable IP platform. It also gives us full ownership of our on-going Oral Insulin and Oral BNP programs. It also provides us access to additional innovative technologies and new therapeutic paradigms. We have acquired an intellectual property estate of nearly 300 patents and patent applications focused on oral peptide therapeutics in the metabolic and cardiovascular segment.

We propose to leverage these proprietary assets through a combination of licensing and co-development partnerships. Biocon believes that the future of the pharmaceutical industry lies in innovation and our focus on IP and technology will be a strong differentiator.

Established in 1978, Biocon Limited is one of Indias premier biotechnology companies. The company has a robust product portfolio of recombinant biotherapeutics, statins and immuno-suppresants with strongly growing sales and profits. It employs over 600 highly qualified scientists at its campus in Bangalore.

Biocon and its two subsidiary companies, Syngene International Pvt Ltd and Clinigene International Pvt Ltd form a fully integrated biopharmaceutical company, specializing in custom research, clinical research, biopharmaceuticals and enzymes. It delivers products and solutions to partners and customers across 50 countries. (ANI)

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