The US affiliate of Germany-based chemical company BASF has entered into an agreement to acquire the outstanding shares of common stock of biotechnology company Verenium for $4 (€3) per share.
Based on all outstanding shares and including all net financial liabilities, the enterprise value is valued at approximately $62 million. California-based Verenium generated $57 million in sales last year.
The acquisition is expected to close by the end of 2013. BASF will finance the transaction out of operating cash.
The transaction was approved by both companies' boards of directors.
In a statement the companies said the new partnership 'will strengthen BASF's footprint in the strategic enzyme growth market'.