16th Feb 2015 07:43
LONDON (Alliance News) - FTSE 250-listed animal genetics company Genus PLC on Monday said it has struck a deal to buy a 51% stake in In Vitro Brasil SA via its ABS bovine genetics business.
In Vitro Brasil is a Brazil-based biotechnology company focused on the production of bovine embryos through in-vitro fertilisation.
Genus will pay BRL20 million, or around GBP4.6 million, in cash to acquire the company. It expects to acquire the remaining 49% stake in the company in the first half of 2018 by exercising a call option. The consideration for the remaining stake is capped at BRL49 million, or GBP11.2 million, it said.
The company said it expects the deal to close in the first quarter of this year.
"The acquisition of IVB provides Genus with a significant opportunity to accelerate the rate of genetic improvement we are able to offer our customers. IVB's proven success in delivering IVF solutions to commercial dairy and beef producers will enable us to offer our extensive customer base the ability to leverage genetic improvement on both the male and female side of their herds through superior in-house technology," said Karim Bitar, chief executive officer of Genus.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Genus