FRANKFURT, July 4 Bayer's CropScience
agricultural arm acquired California-based peer AgraQuest Inc
for a price of $425 million plus milestone payments, German
parent group Bayer said in a statement late on Tuesday.
The purchase of AgraQuest, a supplier of biological pest
management solutions based on natural microorganisms, will
enable Bayer CropScience to expand its green product offering
that minimizes development of resistance.
The target company's current product portfolio includes
well-established product brands such as Serenade, Rhapsody,
Sonata and Ballad fungicides and Requiem insecticides.
"The growing fruits and vegetables market, which today
accounts for more than 25 percent of our sales, is of strategic
importance for us. We plan to achieve 3 billion euros ($3.78
billion) of sales in this segment by 2020 and with the
acquisition of AgraQuest we are underlining our growth
ambitions," said Bayer CropScience Chief Executive Sandra
"We are the first in our industry to offer farmers a truly
comprehensive range of integrated crop solutions based on seeds,
traits and combined chemical crop protection and biological
control," she added.
Peterson said AgraQuest would build up the company's
existing biological pest control portfolio centred on the
biological roundworm-killer Votivo, and would allow further
leverage of the Athenix Corporation acquisition.