Feb. 11, 2013, Ottawa, ON – Iogen Corporation has announced that Danish enzyme manufacturer Novozymes will acquire its wholly owned industrial enzyme business, Iogen Bio-Products, for a purchase price of $67.5 million and potential earn-out payments up to $12.5 million. The deal provides Novozymes with all commercial rights to Iogen Bio-Products’ existing product portfolio, pipeline, facilities and know-how.
The Novozymes acquisition does not include the purchase of process technology assets that relate to Iogen Corporation’s second generation biofuels business.
Iogen Bio-Products, which entered the enzyme business in 1991, makes and sells enzymes used to improve operations for customers in the pulp and paper, textile, grain processing and animal feed industries. The company has 70 employees and sells more than 20 products globally. All 70 employees will continue to work in Ottawa at the company’s enzyme manufacturing facility.
“We at Iogen are proud of having built a globally competitive enzyme business. We are pleased that Novozymes will continue to develop the business, creating new opportunities for our employees and new solutions for our customers” says Brian Foody, CEO of Iogen Corporation. “Iogen Corporation will now concentrate its efforts on developing commercial opportunities for second generation and advanced biofuels around the world and, in particular, on our program with Raízen to develop a commercial cellulosic ethanol project in Brazil.”
For more information, please visit www.iogen.ca.
