Novozymes A/S — a Denmark-based manufacturer of industrial enzymes and biotechnological solutions — has acquired Iogen Bio-Products — the industrial enzyme business of Ottawa-based biotechnology company Iogen Corp — for approximately US$67.7 million, with potential earn-out payments of up to US$12.5 million.

Iogen Bio-Products produces and sells enzymes for textile, pulp and paper, grain-processing and animal feed applications. Novozymes will acquire the commercial rights to the company's product portfolio, pipeline, facilities and know-how. Iogen Bio-Products' 70 employees will continue working at its enzyme manufacturing facility in Ottawa.

"We at Iogen are proud of having built a globally competitive enzyme business," said Brian Foody, CEO, Iogen Corp. "We are pleased that Novozymes will continue to develop the business, creating new opportunities for our employees and new solutions for our customers."

"Iogen Bio-Products is a good fit for Novozymes," said Andrew Fordyce, vice president of global enzyme sales and customer solutions, Novozymes. "We get a number of products that complement our existing product portfolio and welcome a talented group of employees who are very good at developing and producing industrial enzymes."

The acquisition is expected to be completed in late February.

February 5, 2013