Indian enzyme manufacturer Advanced Enzyme Technologies Ltd said on Thursday it will acquire German industrial biotech company Evoxx Technologies GmbH for 7.65 million euros (Rs 57.4 crore) in cash.
“Evoxx has a great strategic fit for us. With Evoxx we significantly expand our R&D capabilities, and also strengthen our European presence,” said VL Rathi, chairman, Advanced Enzymes, in a stock market disclosure.
Advanced Enzyme said the deal will help it expand its enzyme portfolio and biocatalysis and food applications businesses.
The company is making the acquisition through Dutch unit Advanced Enzymes Europe BV. The transaction is likely to be completed next month. Evoxx will become a direct subsidiary of Advanced Enzymes Europe and an indirect unit of Advanced Enzyme.
Evoxx, which was set up in September last year, is focussed on the development and production of industrial enzymes and development of oligosaccharides and polysaccharides to be primarily used in food applications.
It is specifically targeting ingredients that offer consumer health benefits. Evoxx has a team of about 40 scientists and technicians at two locations in Germany, according to its website.
The company was formed as a result of the merger of Evocatal GmbH, which was formed in 2006, and Aevotis GmbH, which was formed in 2009. Evoxx has annual revenue of around 3 million euros.
Advanced Enzyme is engaged in research and development, manufacturing and marketing of more than 400 proprietary products developed from 60 indigenous enzymes. It has more than two decades of fermentation experience in the production of enzymes.
The company has seven manufacturing facilities and five R&D centres in India and the US. It exports to about 45 countries.
Advanced Enzyme went public in July last year through an initial public offering that was heavily oversubscribed. In August, the company made a strong stock market debut with its shares listing at a 35% premium to the issue price.
In December, Advanced Enzyme said it would acquire a 70% stake in active pharmaceutical ingredients maker JC Biotech for Rs 50 crore.