Danisco Divests Direvo Biotech AG to Bayer HealthCare
The transaction contributes around DKK 100 million after tax to Danisco’s result and increases our 2008/09 profit expectations for the Group before share-based payments from around DKK 900 million to around DKK 1.0 billion.
16/09/08 Direvo Biotech AG has announced the sale of its biopharmaceuticals business to Bayer HealthCare for EUR 210 million in an all cash deal.
Danisco Venture, Danisco's corporate venture fund, sells its 10.6% stake in Direvo Biotech AG to Bayer HealthCare. The transaction contributes around DKK 100 million after tax to Danisco’s result and increases our 2008/09 profit expectations for the Group before share-based payments from around DKK 900 million to around DKK 1.0 billion.
A full update of Danisco’s expectations for 2008/09 will be included in Danisco’s Q1 earnings release on 18 September 2008.
Danisco Venture has invested in companies in possession of technologies of strategic importance to Danisco A/S. With the strengthening of the technology portfolio through the acquisitions of Genencor and Rhodia Food Ingredients, Danisco Venture is no longer actively seeking new investments in new venture companies, but will continue to develop existing portfolio companies in order to maximise the value for Danisco financially.
Direvo Industrial Biotechnology GmbH, a wholly-owned subsidiary of Direvo Biotech AG, is not part of the transaction and has been sold in a separate transaction, where Danisco Venture has acquired a 9.6% stake.
The transaction is subject to certain closing conditions and final closing is expected at the end of September 2008.
