Novozymes acquires enzymes business from Iogen
Canada’s Iogen Corp. announced that Danish enzyme manufacturer Novozymes will acquire its wholly owned industrial enzyme business, Iogen Bio-Products, for a purchase price of C$67.5 million (US$66.9 million) and potential future payments of up to C$12.5 million (US$12.4 million). The deal should be finalized by the end of February.
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 Corp.’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.
“Iogen Corp. 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,” said Brian Foody, Iogen CEO.
In October 2012, Iogen and Raizen announced plans to build a commercial unit in Sao Paulo, Brazil. Raizen is a joint venture between Shell and Brazilian ethanol producer Cosan.