Danish biotechnology company Novozymes A/S acquires Canada's Philom Bios Inc

Nordic Business Report, Nov 1, 2007

NORDIC BUSINESS REPORT-1 November 2007-Danish biotechnology company Novozymes A/S acquires Canada's Philom Bios Inc(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Danish biotechnology company Novozymes A/S said on Wednesday (31 October) that its wholly-owned subsidiary, Novozymes Biologicals Holding A/S, has made a cash offer for all shares of the Canadian company Philom Bios Inc.

Novozymes Biologicals Holding is offering CAD6.50, representing a total equity value of approximately CAD26.5m.

The board of directors of Philom Bios has unanimously recommended shareholders to accept the offer, and Novozymes has already secured control over 70% of the share capital.

Philom Bios, based in Saskatoon, Canada, develops and manufactures proprietary crop growth stimulating microbial inoculants to the agricultural industry. The company has 75 employees and had a turnover of CAD12.4m for the year ended 30 September 2006.

Novozymes, headquartered in Bagsvaerd, Denmark, is the world's leading enzymes company with some 4,500 employees and annual sales of DKK6.8bn. The company is listed on the Nordic Exchange in Copenhagen.

One British pound (GBP) is worth approximately 1.98 Canadian dollars (CAD). One British pound (GBP) is worth approximately 10.67 Danish kroner (DKK).

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