Amsterdam and Boston, September 20, 2012 - LSP is pleased to announce that Syngenta has agreed to acquire Pasteuria Bioscience, Inc., a US-based biotechnology company. Since 2011 Syngenta and Pasteuria have had an exclusive global technology partnership to develop and commercialize biological products to control plant-parasitic nematodes, using the naturally occurring soil bacteria Pasteuria spp. A revolutionary in-vitro production process will enable the development of cost-effective nematicides with a novel mode of action. The first products resulting from this relationship will be available in 2014.
Under the terms of the agreement, Syngenta will acquire Pasteuria Bioscience for aggregate payments of $86 million, with additional deferred payments of up to $27 million.
Nematodes are a major pest across all crops and the withdrawal of older solutions leaves growers with limited solutions. The acquisition will facilitate the introduction of key products to complement Syngenta’s existing chemical nematicide range and to support integrated solutions across a broad variety of crops such as soybean, corn, cereals, sugarbeet and vegetables.
Dr. Fouad Azzam, LSP Partner and Director of Pasteuria said, “This high value sale was the result of Pasteuria’s unique technology, as well as superior execution of commercial programs by its management team. We congratulate Pasteuria’s Executive Chairman and President, Dr. Al Kern, and his entire team for achieving this outstanding result; they combined strong science and flawless execution to achieve this great result. LSP is proud to have been part of the Pasteuria story, whose technology and products will provide significant benefit to the agricultural industry for years to come. We wish the entire Pasteuria team continued success with Syngenta.” LSP is Pasteuria's largest shareholder and lead investor, alongside original investors Advantage Capital Partners and Florida Gulfshore Capital.
Dr. Al Kern, Executive Chairman and President of Pasteuria Bioscience, said: “Pasteuria Bioscience is excited to become part of the Syngenta team. We've been working closely together over the past year and have made significant progress on a number of nematode control products in a variety of crops. Syngenta recognizes the potential with the Pasteuria platform and can commercialize it in a broad range of products for the global marketplace.”
The transaction is expected to close in the fourth quarter of 2012.
About LSP (www.lspvc.com)
LSP (Life Sciences Partners) is a leading independent European investment firm, providing financing to private and public life-science companies. Since the late 1980s, LSP’s management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. For example, LSP was a founding investor in Crucell, DNage, Qiagen, Rhein Biotech and Pharming. With over EUR 650 million under management and offices in Amsterdam, Munich and Boston, LSP is one of Europe’s largest and most experienced specialist life-science investors.
For more information, please contact:
Dr. Fouad Azzam at + 781 235 0321 or via snmmnz@yfcip.pbz
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