Advanced Enzyme Technologies Buys Evoxx
Indian enzyme manufacturer Advanced Enzyme Technologies has announced it will acquire all of German industrial biotech company Evoxx Technologies for €7.65 million in a bid to expand its enzyme portfolio and biocatalysis and food applications businesses.
The transaction, expected to be completed in September, will be handled through the Indian company’s Netherlands-based subsidiary, Advanced Enzyme Europe, and Evoxx will become a direct subsidiary of the Dutch firm.
The German enzymes manufacturer, founded last year in the merger of Evocatal and Aevotis, focuses on development and production of industrial enzymes as well as oligosaccharides and polysaccharides for use primarily in food applications. With annual sales of around €3 million, the company employs 35 research scientists and technicians at its two sites in Monheim and Potsdam, Germany.
Advanced Enzyme, which claims more than two decades of experience in fermentation processes to produce enzymes, went public in 2016. The company is engaged in research and development, manufacturing and marketing of more than 400 proprietary products developed from 60 indigenous enzymes. It operates seven manufacturing facilities and five R&D centers in India and the US.
V.L. Rathi, chairman of Advanced Enzyme, called Evoxx “a great strategic fit,” which will allow the company to significantly expand its R&D capabilities and strengthen its European presence.
“Together with the strong partners in India and USA, the portfolio of industrial enzymes will be larger and more attractive for the existing and future customers of Evoxx, said the German company’s CEO, Thorsten Eggert.