mynth
06/2023

BIOCORP acquired by NOVO NORDISK

FRANCE Life Sciences / Medical Devices EV 100M - 350M EUR

Context

The acquisition of Biocorp by Novo Nordisk, achieved through the purchase of Bio Jag's 45.3% stake and a subsequent mandatory public tender offer, marks a significant shift in strategy, transitioning from a collaborative research and development model to a proprietary technology platform. Having previously mitigated risks associated with the Mallya technology through regulatory approvals and commercial validation, including agreements with prominent industry players such as Sanofi and Roche Diabetes Care, Biocorp's management had laid the groundwork for this transaction. By assuming full ownership, Novo Nordisk gains control over a crucial component of its supply chain, securing exclusive access to a key connectivity solution for pen injectors. Under the continued leadership of CEO Éric Dessertenne, the integration process prioritizes the expansion of physical assets, notably the launch of an enlarged manufacturing facility in Issoire, aimed at increasing production capacity. The growth strategy following the acquisition is centered on leveraging Novo Nordisk's extensive global distribution network to deploy connected delivery systems on a large scale, while repurposing the French manufacturing hub as a specialized development center for next-generation digital monitoring devices across a broader range of therapeutic areas, with plans to enter new markets and expand product offerings.

BIOCORP, which reported an EBITDA margin of in 2022, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Healthcare & Pharma sector (15.6x).

-> Deep-dive in Healthcare & Pharma market trends

Target

Biocorp operates as a medical device manufacturer and digital health technology developer, specialized in the design and precision engineering of drug delivery systems for chronic disease management. The company relies on its dedicated plastic injection molding facility in Issoire to manufacture high-volume traditional medical consumables, including cannulas, pipettes, and dosing spoons under contract manufacturing agreements for third-party pharmaceutical clients. Through a targeted capital pivot to e-health funded by a public listing, Biocorp developed Mallya, a proprietary, Bluetooth-enabled smart sensor that clips onto standard insulin pen injectors to automatically monitor, record, and transmit real-time dosage data. As the only connected device in its category to secure a CE mark Class IIb medical device certification, the platform bypasses manual tracking vulnerabilities, allowing the business to capture recurring revenues through upfront technology licensing fees, milestone payments, and commercial supply agreements with multinational pharmaceutical sponsors.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2022
2021

Similar deals in Life Sciences

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
07/2023EQT PARTNERS / ADIADECHRA PHARMACEUTICALSUNITED KINGDOMPharma & Biotech
07/2023LAUXERAORGANOXUNITED KINGDOMMedical Devices
04/2023Innovad GroupHerbonisSWITZERLANDAnimal Health
04/2023SARTORIUSPOLYPLUSFRANCER&D Biotech
04/2023HALMAAPRIOMEDSWEDENMedical Devices
02/2023ARDIANTHERADIALFRANCEMedical Devices
10/2022STANLEY CAPITAL PARTNERSLABORATOIRE X.OFRANCEGenerics / Labs
10/2022IK PARTNERSUNITHERFRANCECDMO
08/2022CATALENTMETRICS CONTRACT SERVICESUNITED STATESCDMO
07/2022MERIEUX EQUITY PARTNERSTHERAVIAFRANCEGenerics / Labs

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 5M - 25M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of BIOCORP by NOVO NORDISK are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: biocorp