Denmark's Novozymes has acquired the enzyme activities of Biocon, a company based in Bangalore, India, for USD 102 m, with an additional USD 13 m for service fees and lease payments. Biocon currently has the largest market share for enzymes in India, while Novozymes has the second largest.
Peder Holk Nielsen, group chief executive of Novozymes says: "The acquisition is important to us in two ways. Firstly, it strengthens our opportunities for growth in India since it has contacts and knows the market well. Secondly, Biocon has enzymes used for the production of juice, which can lift our product portfolio significantly." "With this acquisition we will have more than half of the market, but it is still a market with tough competition."
Novozymes entered the Indian enzyme market in 1987, and since it established Novozymes South Asia in Bangalore in 1998, Novozymes has gradually increased its activities and asset base in India.
Headquartered in Bagsværd, a northern suburb of Copenhagen, Novozymes is the world’s largest and most diversified provider of industrial biotechnology, pioneering the replacement of chemicals with enzymes in a broad range of industries such as laundry detergents, animal feed and the biofuel industry. The company has topped the Dow Jones Sustainability Index for the past five consecutive years.
The news was reported by financial daily newspaper Børsen and on Novozymes' website.