Danish company Novo Nordisk has begun exclusive talks with Bio Jag to purchase a controlling stake in French medical devices maker Biocorp.

The company seeks to purchase Bio Jag’s 45.3% stake and 62.2% of its theoretical voting rights in Biocorp for €35 ($37) per share.

Upon completion of the acquisition of the controlling stake, Novo Nordisk will make a tender offer to purchase all outstanding shares in Biocorp at the same price.

The proposed deal values Biocorp at roughly €154m ($164m).

Certain minority shareholders, including Nyenburgh, Greenstock and Vatel Capital, also agreed to transfer their shares to Novo Nordisk.

These shareholders together hold around 19% of the share capital and 13.07% of the theoretical voting rights.

Biocorp CEO Eric Dessertenn said: “This potential combination rewards our efforts, begun five years ago, to digitalise the treatment and monitoring of chronic patients, with the constant aim of easing their daily lives.”

Biocorp has expertise in the design, development and production of advanced medical devices and delivery systems, including a Bluetooth-enabled smart add-on device called Mallya for pen injectors.

Novo Nordisk started its collaboration with Biocorp in 2021, which focused on developing and commercialising a Mallya add-on device for the Novo Nordisk FlexTouch pen to treat individuals with diabetes.

The partnership has been broadened to include the creation of the Mallya device versions for various therapy areas.

Novo Nordisk devices and delivery solutions senior vice-president Marianne Ølholm said: “We have enjoyed a fruitful collaboration with Bioxcorp over the past couple of years, and we hope to be able to welcome the company and its highly skilled workers into Novo Nordisk to complement our in-house efforts within connected delivery solutions and accelerate our ambitions within devices and delivery solutions.”