October 31, 2007 / 3:57 PM / 11 years ago

Danish Novozymes to buy Philom Bios for $27 mln

COPENHAGEN, Oct 31 (Reuters) - Novozymes (NZYMb.CO), the world’s leading maker of industrial enzymes, said on Wednesday it would buy Canada’s Philom Bios for 138 million Danish crowns ($26.8 million) or 6.50 Canadian dollars per share. It said Philom’s board of directors unanimously recommended shareholders accept the offer. Already shareholders representing more than 70 percent of the outstanding shares have agreed to sell to Novozymes, the company said.

Unlisted Philom develops microbial inoculants for the agricultural industry, which stimulate crop growth by enhancing absorption of nitrogen and phosphorous. The company employs 75 people and had a turnover of about 67 million crowns for the year ended Sept. 30.

Novozymes said the acquisition would enhance its activities in the growing bio-agricultural market. The transaction is expected to close in December.

By 1545 GMT, Novozymes shares were up 1.1 percent at 560 crowns, while the Copenhagen exchange top-20 index .OMXC20 was up 1.2 percent.

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