Germany-based Degussa Group is buying Genset Oligos, the oligonucleotide division of French company Genset, for US$ 21.5 million (€24.53m), and will merge it with Proligo, its subsidiary based in Boulder, Colorado.
The move will provide Proligo with the capacity to become a fully-integrated supplier of nucleic acid specialties (genomics and genetic medicine). The acquisition will also provide it with a global sales channel for its highly-specific products (oligonucleotide probes, custom Locked Nucleic Acid, LNATM).
The transaction is expected to be closed by the end of the first quarter of 2002.
Professor Utz-Hellmuth Felcht, chairman of Degussa, said: "With this move, we are tackling the innovative and attractive market for the ultra fine chemicals required in pharmaceutical research more strongly. Having secured ownership of Proligo in August 2001, our acquisition of Genset Oligos will enable us to supply customers with services from drug targeting (genomics) to the production of active agents."
Proligo will continue to be headquartered in Colorado, and manufacturing sites will be located in the US, Germany, France, Japan, Singapore and Australia.
Degussa is Germany's third-largest chemical company and a market leader in specialty chemicals. In fiscal 2000, the corporation generated an operating profit (EBITA) of €1.2 billion