Novozymes to acquire Iogen Bio-Products in Canada for $67.4m
Bio-products company Novozymes has agreed to acquire the industrial enzyme business of Canada-based Iogen Corporation for C$67.5m ($67.4m).
The transaction also involves potential earn-out payments of about C$12.5m (12.4m).
Novozymes has now acquired the commercial rights to Iogen Bio-Products' existing product portfolio, pipeline, and facilities; however, the assets associated with the Iogen Corporation's bioenergy process technologies are not included in the acquisition.
Novozymes Global Enzyme Sales and Customer Solutions vice president Andrew Fordyce said that the company was acquiring new products to complement its existing product portfolio.
This acquisition is expected to have a positive impact on company's sales growth in 2013 of around 0.5% point depending on when the acquisition is closed.
Closing of the acquisition is anticipated late February 2013, pending regulatory approvals.
Iogen Bio-Products, which entered the industrial enzyme industry in 1991, produces and sells enzymes for the pulp & paper, textile, grain-processing and animal feed industries.