02 November 2009 16:04 [Source: ICIS news]
Bayer could have to make further cash payments of up to $35m for the privately-held independent biotechnology company, headquartered in
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
"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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