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Article: Novozymes Plans Takeover Of GroPep For $72M Cash.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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West Coast Editor
Novozymes A/S is following up last month's buyout of a recombinant protein company from Sanofi-Aventis Group with another proposed acquisition, this time making a play for the Australian firm GroPep Ltd., which Novozymes plans to take over in a deal valued at about A$95.5 million (US$72.5 million).
Under the terms, Novozymes, of Bagsvaerd, Denmark (which owns no shares in GroPep), would pay A$2.05 in cash per share for the company, amounting to a premium of 40 percent over the price of GroPep shares the day before the proposal was disclosed, and a 33 percent premium over the past three months.
GroPep's shares (ASX:GRO) closed ...