Novozymes strengthens position in India
Danish company Novozymes has today signed a definitive agreement to acquire the enzyme activities of Biocon, based in Bangalore, India, for the equivalent of DKK511m (US$115m).
Danish company Novozymes has today signed a definitive agreement to acquire the enzyme activities of Biocon, based in Bangalore, India, for the equivalent of DKK511m (US$115m).
The transaction is subject to shareholders" approval and customary local regulatory authority approvals, and is expected to complete by October.
Biocon's enzyme business activities are a strategic fit with Novozymes" existing enzyme business, supplementing product range and geographical scope by strengthening Novozymes" position in the Indian market, where enzyme use is still in its infancy. Novozymes will also gain access to strong local application development and formulation capabilities.
Novozymes actively entered the Indian enzyme market in 1987, and has gradually increased its activities and asset-base there. The company is currently in the process of establishing local r&d facilities in Bangalore.
Biocon is one of India's leading biotechnology companies, specialising in biopharmaceuticals, contract research, clinical research and enzymes. Biocon is located in Bangalore and is listed on the Bombay and the National stock exchanges in India.
"The acquisition of Biocon's enzyme activities provides an important step for Novozymes in strengthening our position on the Indian market, which we believe has an attractive growth potential," said Novozymes ceo, Steen Riisgaard. "The activities of Biocon have a good strategic fit to our existing enzyme business. We see several interesting market opportunities combined with synergy potential."
