Crop Biotech Update

Bayer Completes Acquisition of Athenix Corp

November 13, 2009

Germany-based Bayer CropScience said it has completed the acquisition of Athenix Corp, a privately-held independent biotechnology company headquartered in North Carolina, USA. In a press release, Bayer said it purchased Athenix for USD 365 Million (EUR 250 million). Further cash payments based upon the achievement of certain development milestones may amount up to USD 35 million (EUR 24 million).

The USA-based company has the largest Bt gene collection in the world. It is also active in nematode resistance research.

Bayer said the purchase fits with its research strategy for the agriculture market and will "significantly boosts its ability to make available to growers worldwide novel technology and complete agricultural solutions." The acquisition underpins Bayer's plan of expanding its business in North America. The company launched three new research and development facilities in the United States and Canada within last year.

Read the media release at http://www.athenixcorp.com/newsPDFs/ATX%20BCS%20Nov%202%2009%20FIN%20E.pdf