Bayer CropScience completes purchase of US Athenix for $365m

02 November 2009 16:04  [Source: ICIS news]

LONDON (ICIS news)--Bayer CropScience has completed its acquisition of US biotech firm Athenix for $365m (€246m) plus milestones, the Germany-based producer said on Monday.

Bayer could have to make further cash payments of up to $35m for the privately-held independent biotechnology company, headquartered in North Carolina, US, if certain development milestones are achieved.

It said in a statement that the acquisition of Athenix and its technology platform would significantly boost the company's ability to make available worldwide novel technology and complete agricultural solutions to growers.

At present Bayer is pursuing a total of 56 bioscience research projects involving six crops. The acquisition bolsters the company's research and development pipeline and trait platform.

"We are investing heavily in our BioScience business to strengthen our position in the global seeds and traits market", said Professor Friedrich Berschauer, chairman of Bayer CropScience’s board of management.

Berschauer said within the last year, Bayer had announced business expansions involving three new research and development facilities in the US and Canada, adding that the acquisition of Athenix underpinned this expansion.

"The combined talents and capabilities of Bayer CropScience and Athenix will serve to accelerate the market introduction of highly innovative new products for farmers worldwide that will directly address the global demand for superior agricultural productivity," said Athenix CEO Mike Koziel.

Bayer CropScience initially agreed to acquire Athenix in August.

($1 = €0.68)

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By: Franco Capaldo
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