Biotechnology companies, Novozymes and Chr. Hansen agreed to bring together the largest ever merger of two Danish companies.
The merger, announced in a joint statement on Monday, involves Chr. Hansen and should be completed in the last quarter of 2023.
The new biosolutions group has annual sales of about 3.5 billion euros ($3.7 billion), the companies said.
Novozymes CEO Ester Baiget and CFO Lars Green will continue in their positions in the combined group.
“Novozymes and Chr. Hansen shares his strong belief that our combined scale, expertise, business strengths, and innovation excellence will add value to our shareholders, customers, and society at large by providing the sustainable solutions the world so desperately needs,” said Baiget.
Novo Holdings, the largest shareholder in both Novozymes and Chr Hansen, stated that the two companies are a natural fit.
“Chr. Hansen with its microbial expertise and Novozymes with its enzyme background “The merger of the two companies will create a global leader in biosolutions,” said Lars Rebien Srensen, Chairman of the Board of Novo Holdings.
As part of the merger, which is expected to be completed in the last quarter of 2023, Chr. Hansen will be dismantled.
Free shareholders Chr. For each Chr share, Hansen will receive 1.53 new Novozymes shares, each with a nominal value of DKK 2 ($0.2830). Hansen, representing a 49% premium to Chr. Hansen’s stock closing price on Friday.
The combined group will have an annual turnover of about 3.5 billion euros ($3.68 billion) and a synergistic profit from the turnover of more than 200 million euros, the company said.
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