Novozymes buys Biocon enzymes

19 July 2007 00:55  [Source: ICIS news]

NEW YORK (ICIS news)--Novozymes has acquired the enzyme business of India-based biotechnology company Biocon for Danish kroner (DKK)551m ($102.2m), a company official said on Wednesday.

Biocon’s enzyme business includes a range of industrial enzymes, food additives and process aids.

“The acquisition provides an important step in strengthening our position in the Indian market where we see several market opportunities,” said Steen Riisgaard, Novozymes CEO.

Growth for the Indian enzyme market is expected to exceed 15%/year for the next 10 years, said Riisgaard.

“Enzyme use in India is still in its infancy but there has been strong market growth in the past years driven by macroeconomic developments,” he added.

The transaction is expected to be completed around October. Around 150 employees of Biocon are expected to join Novozymes.

By: Doris de Guzman
+1 713 525 2653

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