Novozymes has announced that they have acquired PrecisionBiotics Group Limited.
Novozymes has acquired 100 percent of the equity in PrecisionBiotics Group Limited for an amount of DKK 600 million (EUR 80 million) on a cash and debt-free basis.
The transaction is structured with an earn-out model and is financed with cash and bank facilities.
“This acquisition fits well with our strategy, Better business with biology, where we focus on human health as one of our opportunities for growth. With this investment, we take another important step in implementing the strategy and setting a foundation of growth for our business,” said Ester Baiget, President and CEO of Novozymes.
Based in Cork, Ireland, PrecisionBiotics Group holds a leading position within probiotics for human gut health and is well positioned with several clinically backed products already in the market.
Combining the Power of Probiotics and Enzymes
PrecisionBiotics Group has strong expertise within clinical development, upscaling and commercialisation and is well situated in Cork, Ireland, home to a leading academic society within human gut health.
“We welcome employees in PrecisionBiotics Group to Novozymes. PrecisionBiotics Group brings in complementary technologies, a similar science-based approach and a matching culture. With our unique expertise within discovery and enzymes and PrecisionBiotics’ strong capabilities and network within probiotics for human health, we will be in a unique position. It’s a position where we can expand market opportunities and develop new and highly efficient products,” said Baiget.
“By becoming a part of Novozymes, we will get a global presence across businesses and new capabilities within science and discovery of new strains. This will help us to grow by developing new products where we can combine enzymes and probiotics,” said Barry Kiely, CEO and co-founder of PrecisionBiotics Group.
When combined, enzymes and probiotics synergistically work hand-in-hand to address health benefits from different angles in more powerful ways.
Thrilled about joining forces with Novozymes, Kiely said: “Novozymes is a strong company based on science with a global market presence and a purpose to find biological solutions for better lives in a growing world. We look forward to speeding up the development of our pipeline and to a global roll-out of products to accelerate growth”.
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