DENMARK: Novozymes swoops for Iogen Bio-Products
Leading bio-innovation business Novozymes has acquired Iogen Corporation subsidiary Iogen Bio-Products for a sum which could rise to C$80m (US$79.9m).
The deal, which gives the Danish company all commercial rights to Iogen Bio-Products’ existing product portfolio, pipeline, facilities and know-how, was done for C$67.5m, plus potential earn-out payments of up to C$12.5m.
The acquisition includes all of Canada-based Iogen Corporation’s industrial enzyme business, but does not cover assets related to Iogen’s bioenergy process technologies.
Iogen Bio-Products currently produces and sells enzymes for industries including textiles.
“Iogen Bio-Products is a good fit for Novozymes,” said Andrew Fordyce, vice president of global enzyme sales and customer solutions at Novozymes.
“We get a number of products that complement our existing product portfolio and welcome a talented group of employees who are very good at developing and producing industrial enzymes.”
The deal, expected to close in late February, is expected to have a slight positive impact on Novozymes sales in 2013, but a mildly negative effect on EBIT and EBIT margin.
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