Bayer CropScience acquires Athenix

Tue. November 03, 2009; Posted: 01:10 PM

Nov 03, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- BYILF | Quote | Chart | News | PowerRating -- Bayer CropScience AG has acquired Athenix Corp., a US-based biotechnology company that develops products and technologies for agricultural and industrial applications, for $365 million and further cash payments of up to $35 million based upon the achievement of certain development milestones.

Bayer CropScience is a Germany-based cropscience company engaged in the areas of crop protection, non-agricultural pest control, and seeds and plant biotechnology.

Announcement (August 19, 2009):

Bayer CropScience has entered into an agreement to acquire Athenix.

Earlier, Athenix had secured funding from Intersouth Partners, Polaris Venture Partners, Boston Millennia Partners, Hunt BioVentures, L.P., Finistere Ventures, LLC and Eastman Ventures.

Jones Day is acting as legal advisor to Bayer.

Deal Value (US$ Million) 400
Deal Type                Acquisition
Sub-Category             Majority Acquisition
Deal Status              Completed: 2009-11-02

Deal Participants

Target (Company)   Athenix Corp.
Acquirer (Company) Bayer CropScience AG

Deal Rationale

The acquisition of Athenix and its technology platform would strengthen Bayer CropScience's ability to make available novel technology and complete agricultural solutions to growers globally. The acquisition would complement the BioScience business of Bayer CropScience by significantly extending its research and development presence in North America. The acquisition would also strengthen Bayer CropScience's trait platform for its established core crops such as oilseeds, cotton, rice and wheat.

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