Bayer to Buy Biotech Co. Icon Genetics
Posted on: Wednesday, 11 January 2006, 09:00 CST
FRANKFURT, Germany - The chemical company Bayer AG said Wednesday it has acquired Icon Genetics AG, a biotech company working on methods for the development and use of engineered plants aimed at creating pharmaceuticals. Terms were not disclosed.
Leverkusen-based Bayer said the deal, which was handled through its subsidiary Bayer Innovation GmbH, will help its research and development of natural protein processes for therapeutic medicines.
Shares of Bayer were flat at 35.72 euros ($43.09) in Frankfurt trading.
Munich-based Icon Genetics, founded in 1999 and financed by venture capital from IBG Beteiligungsgesellschaft Sachsen-Anhalt mbH, CFH GmbH, KfW-Bankengruppe and BioM AG, has sites in Halle and Munich.
The company is involved in developing processes for the biotechnological production of pharmaceuticals and other high-value products in plants. It has more than 40 patents that have been granted or applied for.
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On the Net:
http://www.bayer.com
Source: Associated Press/AP Online
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