Novozymes Biologicals Holding A/S, a wholly-owned subsidiary of Novozymes A/S, (“Novozymes”), has signed a pre-acquisition agreement with Philom Bios Inc. (“Philom Bios”), whereby Novozymes has agreed to offer the shareholders of Philom Bios CAD 6.50 per share in cash.
This represents a total equity value of approximately CAD 25.6 million (DKK 138 million¹), corresponding to an enterprise value to sales multiple of approximately 2.0, based on 2005/06 sales. The offer includes outstanding stock options. Novozymes does not currently hold any stake in Philom Bios.
Philom Bios' board of directors unanimously recommend that the shareholders accept the offer, which is subject to certain limited conditions normal in a transaction of this nature including the approval of Philom Bios' shareholders.
Shareholders representing more than 70% of the outstanding Philom Bios shares have irrevocably agreed to support and tender their shares to Novozymes.
Philom Bios was founded in 1980 and is located in Saskatoon, Canada. The company develops, manufactures and sells proprietary microbial inoculants to the agricultural industry.
Philom Bios' microbial products stimulate the growth of crops by enhancing the absorption of nitrogen and phosphorous in a natural way. The company employs 75 people and had a turnover of CAD 12.4 million (DKK 66.8 million¹) for the year ended September 30, 2006.
The company has been profitable for the last 10 years. Philom Bios is a reporting issuer in the Province of Saskatchewan but is not listed for trading on any exchange.
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