Iogen Corp., an Ottawa, Ontario-based biotechnology company announced the sale of its industrial enzyme subsidiary, Iogen Bio-Products, to Danish enzyme manufacturer Novozymes A/S for a purchase price of C$67.5 million and potential earn-out payments of up to C$12.5 million. The transaction is expected to be completed before the end of February, 2013. Iogen is a portfolio company of Canadian venture capital firm BEST Funds, and has since 2000 received financing from other international private equity firms.
IOGEN BIO-PRODUCTS ACQUIRED BY NOVOZYMES
Iogen Corporation to Focus on Cellulosic Ethanol Commercialization in Brazil
Ottawa, Canada – January 31, 2013 – Iogen Corporation announced today that Danish enzyme manufacturer Novozymes will acquire its wholly owned industrial enzyme business, Iogen Bio-Products, for a purchase price of C$67.5 million and potential earn-out payments up to C$12.5 million. The deal provides Novozymes with all commercial rights to Iogen Bio-Products’ existing product portfolio, pipeline, facilities and know-how.
The Novozymes acquisition does not include the purchase of process technology assets that relate to Iogen Corporation’s second generation biofuels business.
Iogen Bio-Products, which entered the enzyme business in 1991, makes and sells enzymes used to improve operations for customers in the pulp and paper, textile, grain processing and animal feed industries. The company has 70 employees and sells more than 20 products globally. All 70 employees will continue to work in Ottawa at the company’s enzyme manufacturing facility.
“We at Iogen are proud of having built a globally competitive enzyme business. We are pleased that Novozymes will continue to develop the business, creating new opportunities for our employees and new solutions for our customers” says Brian Foody, CEO of Iogen Corporation. “Iogen Corporation will now concentrate its efforts on developing commercial opportunities for second generation and advanced biofuels around the world and, in particular, on our program with Raízen to develop a commercial cellulosic ethanol project in Brazil”.
For more information please contact Karen Donovan-Bhoi:
613-733-9830 ext. 2452
About Iogen Corporation
Iogen is a leading technology firm specializing in cellulosic ethanol – a fully renewable transportation fuel made from agricultural residue that can be used in today’s cars. The Company has been producing cellulosic ethanol at its Ottawa demonstration plant since 2004. Iogen is a privately held company located in Ottawa, Canada that has been in operation since 1974. For more information, visit www.iogen.ca
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