19 September 2012 06:38 [Source: ICIS news]
SINGAPORE (ICIS)--Syngenta said on Wednesday it will acquire US-based biotechnology firm Pasteuria Bioscience to facilitate introduction of key nematicides to complement the Swiss firm’s existing product portfolio.
“Under the terms of the agreement, Syngenta will acquire Pasteuria Bioscience for aggregate payments of $86m (€66m), with additional deferred payments of up to $27m,” the company said in a statement.
The acquisition will enable Syngenta to support integrated solutions across a broad variety of crops such as soybean, corn, cereals, sugarbeet and vegetables, it said.
The transaction is expected to close in the fourth quarter of 2012, Syngenta said.
Syngenta and Pasteuria Bioscience have had an exclusive global technology partnership since last year to develop and commercialize biological products to control plant-parasitic nematodes, using the naturally occurring soil bacteria Pasteuria.
“Results from our partnership have shown that Pasteuria provides superior control of nematodes in a wide variety of applications. Pasteuria Bioscience has developed critical knowhow for in-vitro production of Pasteuria, enabling commercial scale manufacturing,” said Syngenta chief operating officer John Atkin in the statement.
Nematicides are chemical pesticides for nematodes or roundworms.
($1 = €0.77)
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