Danish enzyme firm Novozymes has completed its $25.6 million cash deal to buy a controlling stake in Saskatoon inoculant maker Philom Bios.
The deal gives Philom Bios access to Novozymes’ resources and technology, more opportunities for growth and a “larger entryway” into U.S. and international ag markets, Novozymes said in a release Thursday.
Philom Bios makes the inoculant JumpStart, to improve uptake of soil and fertilizer phosphate; TagTeam, to improve phosphate use and nitrogen fixation; and N-Prove, a nitrogen inoculant.
The deal reinforces Novozymes’ commitment to become the leader in sustainable agriculture, providing “earth-friendly alternatives to traditional pesticides and fertilizers,” said Ted Melnik, president of Salem, Va.-based Novozymes Biologicals, the Danish firm’s U.S. subsidiary.
Novozymes emphasized that its business in Virginia will remain there, and Philom Bios’ agricultural business will continue from Saskatoon.
