BASF to purchase US biotechnology firm


Will pay approximately US$57m to strengthen position in enzyme growth market

BASF is to buy US biotechnology company Verenium for approximately US$62m (EUR48m).

Verenium is based in San Diego, California, and generated sales of US$57m in 2012.

The acquisition will strengthen BASF's footprint in the strategic enzyme growth market and is expected to close in the fourth quarter of 2013.

The deal has been approved by the Boards of Directors of both companies.

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Under the terms of the merger agreement, Verenium shareholders will receive $4.00 per share, representing a 56% premium to the volume weighted average closing price of Verenium's common stock in the six months prior to announcement of the transaction.