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Novozymes swallows Cr. Hansen will form a biotech heavyweight

Danish biotech groups Novozymes and Chr. Hansen announced on Monday that they would merge to form an enzymes and food ingredients heavyweight with 10,000 employees and annual turnover of 3.5 billion euros. The exact amount of the operation was not revealed, but the values ​​of Chr. Hansen at 660 Danish kroner per share, or 86 billion kroner (about 11.5 billion euros) and a premium of almost 50% compared to its last closing price on the stock exchange.

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After the announcement, Cr. Hansen was up 27% on the Copenhagen stock exchange around 09:00, while Novozymes lost almost 10%. Novozymes, the world’s leading producer of enzymes, will be practically at the forefront of this.”merger“The new group will bear his name, at least initially, and his general manager and financial director will retain their functions at the head of the group,” Novozymes and Chr. Hansen in a joint statement.

The merger should allow financial synergies of around 200 million euros per year over the next three to four years, name the two companies whose products are mainly used in the agri-food sector. The operation, which the two groups hope to complete in late 2023 or the first quarter of 2024, is subject to the green light from competition authorities.

Source: Le Figaro

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