India's biotechnology major Biocon Ltd has acquired 70 percent stake in German pharmaceutical company AxiCorp GmbH for approximately $43.66 million (Euro 30 million), paving the way for its entry into European markets.

India's biotechnology major Biocon Ltd has acquired 70 percent stake in German pharmaceutical company AxiCorp GmbH for approximately $43.66 million (Euro 30 million), paving the way for its entry into European markets.

The stake will encompass marketing and distribution of a range of pharmaceuticals including generics, biosimilars, biologics and other pharmaceutical products in Germany and Europe.

The company has ISO 9001 certified AxiCorp is a specialized marketing and distribution company established in 2002 catering primarily to generics and parallel distribution market in Germany and Europe.

Biocon chairperson and managing director Kiran Mazumdar-Shaw said: 'The investment in AxiCorp is primarily to pave our way into European countries. We are delighted to welcome AxiCorp to the Biocon group of companies as an autonomous subsidiary.

She further said that with this strategic investment in AxiCorp, 'we will be able to establish our first presence in Europe in order to market injectible insulin on its own, and also to build up marketing and distribution capabilities for many other products.