Bayer CropScience has signed an agreement to purchase AgraQuest for a purchase price of $425m plus milestone payments.
AgraQuest, headquartered in California, US, is a global supplier of biological pest management solutions based on natural microorganisms.
This acquisition will enable Bayer CropScience to build a technologyplatform for green products and to strengthen its fruits and vegetables business, while also opening new opportunities in other crops and markets.
Green products control a broad spectrum of pests and diseases and offer farmers integrated pest management programmes to minimise development of resistance and maximise crop yields. The acquisition is subject to approval by the relevant authorities.
Sandra Peterson, CEO of Bayer CropScience, said: “The growing fruits and vegetables market, which today accounts for more than 25% of our sales, is of strategic importance for us. We plan to achieve €3bn sales in this segment by 2020 and with the acquisition of AgraQuest we are underlining our growth ambitions.”
*Source: Bayer CropScience *