Bayer CropScience to acquire US biotech firm Athenix

19 August 2009 15:28  [Source: ICIS news]

TORONTO (ICIS news)--Bayer CropScience has agreed to acquire US biotech firm Athenix in a move to strengthen its position in the seeds and traits market, the Germany-based producer said on Wednesday.

Athenix, which employs a staff of 65 at its base in Research Triangle Park, North Carolina, has an extensive herbicide tolerance and insect control trait development platform, particularly for corn and soybean, Bayer said.

The acquisition would also bolster Bayer CropScience’s trait platform for its established core crops such as oilseeds, cotton, rice and wheat, it added.

The deal would allow Bayer CropScience to strengthen its attractiveness as a partner to other stakeholders in the seed business worldwide and would generate attractive additional trait fee income, it said.

“As part of our long-term strategy for innovation and growth, we intend to strengthen the position of Bayer CropScience in the seeds and traits market,” CEO Friedrich Berschauer said.

“This acquisition underpins the expansion of our BioScience core crop platform and allows Bayer CropScience to create a strong research platform in North America, the most important seed technology market of the world”, he said.

Financial terms were not disclosed.

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By: Stefan Baumgarten
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