Bayer CropScience acquires US biotech company Athenix Corp.
Trait platform with extensive product pipeline to deliver innovative solutions for farmers
Monheim – Bayer CropScience announced today that it has entered into an agreement to purchase Athenix Corp., a privately-held independent biotechnology company headquartered in Research Triangle Park, North Carolina, USA. The acquisition of Athenix and its innovative technology platform will boost Bayer CropScience´s ability to make available novel technology and complete agricultural solutions to growers worldwide. The acquisition is subject to premerger notification to the relevant US authorities. The final purchase price is yet to be disclosed.
Athenix has an extensive herbicide tolerance and insect control trait development platform, particularly for corn and soybean. The acquisition will also bolster Bayer CropScience’s trait platform for its established core crops such as oilseeds, cotton, rice and wheat. The acquisition complements the fast growing BioScience business of Bayer CropScience by significantly extending its research & development (R&D) presence in North America.
Athenix employs some of the world’s leading researchers in the agricultural biotech industry. The workforce of about 65 employees has extensive expertise in commercial gene discovery and generating commercial events, and a proven track record in successfully developing products. Athenix will also strengthen the R&D pipeline of Bayer CropScience through its outstanding collection of genes. The acquisition will allow Bayer CropScience to strengthen its attractiveness as a partner to other stakeholders in the seed business worldwide and will generate attractive additional trait fee income beyond the income streams based on Bayer CropScience`s current trait technology.
“As part of our long-term strategy for innovation and growth, we intend to strengthen the position of Bayer CropScience in the seeds and traits market. This acquisition underpins the expansion of our BioScience core crop platform and allows Bayer CropScience to create a strong research platform in North America, the most important seed technology market of the world”, said Professor Friedrich Berschauer, Chairman of the Board of Management of Bayer CropScience.
“We are pleased to become part of Bayer CropScience, a global agribusiness leader. The combined talents and capabilities of Bayer CropScience and Athenix will accelerate the market introduction of highly innovative new products that will directly address the global demand for superior agricultural productivity,” said Mike Koziel, Chief Executive Officer for Athenix. “We look forward to offering an enhanced line of products with increased productivity, profitability and sustainability to Bayer CropScience customers.”
About Bayer CropScience
Bayer is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. Bayer CropScience AG, a subsidiary of Bayer AG with annual sales of about EUR 6.4 billion (2008), is one of the world’s leading innovative crop science companies in the areas of crop protection, non-agricultural pest control, seeds and plant biotechnology. The company offers an outstanding range of products and extensive service backup for modern, sustainable agriculture and for non-agricultural applications. Bayer CropScience has a global workforce of more than 18,000 and is represented in more than 120 countries. This and further news is available at: www.press.bayercropscience.com.
About Athenix Corp.
Athenix, founded in 2001, is a leading biotechnology company that develops novel products and technologies for agricultural and industrial applications. Athenix has established an outstanding intellectual property portfolio and market access ability around enhanced plants, microbes, genes, enzymes, and processes with emphasis on two major markets: 1) novel agricultural traits for growers such as insect resistance, nematode resistance, herbicide tolerance, and their use for the crop production industry; and 2) the discovery of genes and proteins for use in the sustainable chemical industry. For more information visit www.athenixcorp.com.
Find more information at www.bayercropscience.com.
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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